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0.2037
0.2132
-0.0711
0.2993
0.1360
0.2714
-0.1663
0.2465
0.2293
Highest Quarterly Return: 20.37% (2Q/20) Lowest Quarterly Return: (23.12)% (1Q/20)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
0.1132
0.2111
-0.0816
0.2937
0.0886
0.2738
-0.0886
0.1224
0.1212
0.1451
0.1796
-0.2527
Highest Quarterly Return: 17.96% (2Q/20) Lowest Quarterly Return: (25.27)% (1Q/20)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
0.1609
-0.1717
0.1031
0.1828
-0.0238
0.2774
0.1348
0.2554
-0.1392
0.1949
0.1570
0.1206
Highest Quarterly Return: 16.09% (2Q/20) Lowest Quarterly Return: (17.17)% (1Q/20)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
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0.2373
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-0.2042
Highest Quarterly Return: 23.93% (2Q/20) Lowest Quarterly Return: (20.42)% (1Q/20)
The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.
2020-06-30
2020-03-31
Highest Quarterly Return:
Lowest Quarterly Return:
0.2354
0.1284
0.2584
-0.1622
0.1353
0.0864
0.0872
0.3156
-0.3324
0.2176
0.1432
-0.1204
Highest Quarterly Return:
Highest Quarterly Return: 31.56% (4Q/20) Lowest Quarterly Return: (33.24)% (1Q/20)
2020-12-31
Lowest Quarterly Return:
2020-03-31
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0.0142
0.2483
-0.1505
0.1857
0.0251
0.1380
-0.1332
0.1631
0.0451
0.3087
Highest Quarterly Return:
2022-12-31
Lowest Quarterly Return:
2020-03-31
Highest Quarterly Return: 16.62% (4Q/22) Lowest Quarterly Return: (24.74)% (1Q/20)
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0.1277
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0.1934
0.0241
0.2500
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0.1992
-0.1331
0.1627
0.0285
0.2861
Highest Quarterly Return:
Lowest Quarterly Return:
2020-12-31
2020-03-31
Highest Quarterly Return: 19.34% (4Q/20) Lowest Quarterly Return: (26.45)% (1Q/20)
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0.2621
0.1339
0.2263
-0.1657
0.2242
0.1588
0.2122
0.1869
Highest Quarterly Return:
Lowest Quarterly Return:
2020-06-30
2020-03-31
Highest Quarterly Return: 18.69% (2Q/20) Lowest Quarterly Return: (23.72)% (1Q/20)
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0.0836
0.0822
0.3400
0.1911
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0.1146
0.3545
-0.1672
Highest Quarterly Return:
Highest Quarterly Return: 19.11% (4Q/20) Lowest Quarterly Return: (27.40)% (1Q/20)
Lowest Quarterly Return:
2020-12-31
2020-03-31
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0.2894
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0.2483
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0.1446
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Highest Quarterly Return:
Lowest Quarterly Return:
2020-06-30
2020-03-31
Highest Quarterly Return: 21.10% (2Q/20) Lowest Quarterly Return: (19.72)% (1Q/20)
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0.1471
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0.2391
0.1534
0.1988
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0.1662
0.0724
0.0524
0.2625
-0.2949
Highest Quarterly Return: 26.25% (4Q/20) Lowest Quarterly Return: (29.49)% (1Q/20)
Lowest Quarterly Return:
Highest Quarterly Return:
2020-12-31
2020-03-31
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0.0792
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0.1374
0.0299
0.3052
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0.0568
0.2822
Highest Quarterly Return: 19.80% (4Q/20) Lowest Quarterly Return: (25.76)% (1Q/20)
Highest Quarterly Return:
Lowest Quarterly Return:
2020-12-31
2020-03-31
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0.2694
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0.1387
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Lowest Quarterly Return:
2020-03-31
Highest Quarterly Return: 18.79% (4Q/20) Lowest Quarterly Return: (27.80)% (1Q/20)
Highest Quarterly Return:
2020-12-31
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0.0364
0.0264
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0.1102
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0.1016
-0.1394
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
Highest Quarterly Return: 10.16% (2Q/20) Lowest Quarterly Return: (13.94)% (1Q/20)
0.0768
-0.0154
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0.0889
0.0666
-0.0298
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Highest Quarterly Return: 8.89% (4Q/23) Lowest Quarterly Return: (6.54)% (4Q/24)
Highest Quarterly Return:
2023-12-31
Lowest Quarterly Return:
2024-12-31
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Highest Quarterly Return: 6.62% (4Q/23) Lowest Quarterly Return: (6.49)% (1Q/22)
Highest Quarterly Return:
2023-12-31
Lowest Quarterly Return:
2022-03-31
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Highest Quarterly Return: 6.47% (4Q/23) Lowest Quarterly Return: (6.70)% (1Q/22)
Highest Quarterly Return:
2023-12-31
Lowest Quarterly Return:
2022-03-31
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Highest Quarterly Return: 3.34% (2Q/20) Lowest Quarterly Return: (3.44)% (1Q/22)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2022-03-31
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-0.0681
Highest Quarterly Return: 8.48% (4Q/23) Lowest Quarterly Return: (6.81)% (1Q/22)
Highest Quarterly Return:
Lowest Quarterly Return:
2023-12-31
2022-03-31
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0.0015
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0.0469
0.0145
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0.0405
0.0219
-0.0758
Highest Quarterly Return: 6.13% (4Q/23) Lowest Quarterly Return: (5.55)% (1Q/22)
Highest Quarterly Return:
Lowest Quarterly Return:
2022-03-31
2023-12-31
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0.0985
0.1987
0.1435
-0.2512
-0.0997
Highest Quarterly Return:
Lowest Quarterly Return:
2019-03-31
2020-03-31
Highest Quarterly Return: 14.35% (1Q/19) Lowest Quarterly Return: (25.12)% (1Q/20)
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-0.2559
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0.1157
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0.2162
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0.1029
0.0112
0.0839
Highest Quarterly Return: 15.58% (3Q/24) Lowest Quarterly Return: (25.59)% (1Q/20)
Highest Quarterly Return:
2024-09-30
Lowest Quarterly Return:
2020-03-31
0.0914
0.1394
0.1078
-0.1477
0.1003
-0.0349
0.1014
0.0338
0.0888
-0.1399
0.1137
0.0551
Lowest Quarterly Return:
Highest Quarterly Return:
2020-06-30
2020-03-31
Highest Quarterly Return: 10.78% (2Q/20) Lowest Quarterly Return: (14.77)% (1Q/20)
-0.0492
0.0922
0.0313
0.0790
-0.1473
0.1526
0.0880
0.1739
0.1271
-0.1680
Highest Quarterly Return: 12.71% (2Q/20) Lowest Quarterly Return: (16.80)% (1Q/20)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
0.0551
0.0576
-0.0235
0.0974
0.0850
0.0562
0.0343
-0.0878
0.0809
0.0410
0.0943
-0.1385
Highest Quarterly Return: 8.50% (2Q/20) Lowest Quarterly Return: (8.78)% (1Q/20)
Highest Quarterly Return:
2020-06-30
Lowest Quarterly Return:
2020-03-31
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0.1092
0.0356
0.0847
-0.1500
0.1119
0.0714
0.1245
0.0912
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0.0766
0.0871
Highest Quarterly Return: 9.12% (2Q/20) Lowest Quarterly Return: (12.94)% (1Q/20)
Highest Quarterly Return:
Lowest Quarterly Return:
2020-06-30
2020-03-31
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0.0448
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0.1215
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-0.1777
Highest Quarterly Return: 12.15% (4Q/20) Lowest Quarterly Return: (17.77)% (1Q/20)
Highest Quarterly Return:
Lowest Quarterly Return:
2020-12-31
2020-03-31
-0.0739
0.1593
0.0656
0.1812
-0.1635
0.1762
0.1240
0.1799
0.1536
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0.1406
Highest Quarterly Return: 15.36% (4Q/20) Lowest Quarterly Return: (20.65)% (1Q/20)
Highest Quarterly Return:
Lowest Quarterly Return:
2020-12-31
2020-03-31
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0.1111
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-0.0938
0.1891
0.0442
0.2104
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0.1915
0.1367
0.1915
-0.2375
Highest Quarterly Return: 15.79% (4Q/20) Lowest Quarterly Return: (23.75)% (1Q/20)
Highest Quarterly Return:
2020-12-31
Lowest Quarterly Return:
2020-03-31
N-1A
RUSSELL INVESTMENT COMPANY
2026-03-01
Multifactor U.S. Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
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0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
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0.0030
0.0030
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0.0030
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0
0
0
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February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 20pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
661
167
50
48
65
45
843
517
190
155
205
141
1040
892
342
272
357
246
1608
1944
784
614
798
555
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">25</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.25
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities economically tied to the U.S. The Fund invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principally in common stocks of large and medium capitalization U.S. companies but may also invest in small </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization U.S. companies. The Fund defines large and medium capitalization companies as those companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">represented by the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index or with market capitalization within the capitalization range of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index. Equity securities in which the Fund invests include common stocks, preferred stocks, partnership interests and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity-equivalent securities or instruments whose values are based on common stocks, such as futures contracts. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">determining if a security is economically tied to the U.S., the Fund generally looks to the “country of risk” of the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as determined by a third party such as Bloomberg L.P.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (“RIM”) seeks to achieve the Fund's investment objective by managing the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's overall exposures (such as value, momentum, quality, capitalization size, lower volatility, growth, industry, sector, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">defensive or dynamic). The Fund’s exposures are monitored and analyzed relative to the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index and RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">tilts the Fund’s exposures by over or underweighting any of the portfolio’s characteristics relative to the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index over the short, intermediate or long term. RIM utilizes a variety of quantitative inputs and qualitative investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information and analysis in the management of the Fund to assess Fund characteristics and identify a portfolio which it </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">believes will provide the desired exposures. After RIM has determined the Fund's desired exposures, RIM identifies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">baskets of stocks and determines their weights within the Fund in order to reflect those desired exposures. These baskets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are generally comprised of stocks included in the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index but may include or be entirely comprised of stocks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not included in the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. The baskets are derived from various indexes, quantitative tools and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rules-based processes designed to achieve desired exposures. RIM may also invest in index futures, index put or call </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options or exchange traded funds as a substitute for the purchase of stocks to achieve desired exposures, in pursuit of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investment objective or for hedging purposes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts. The Fund may invest in securities of non-U.S. issuers by purchasing American Depositary Receipts </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ADRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) or Global Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund may also invest a portion of its assets in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, known as real estate investment trusts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">), that own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. RIM utilizes a variety of quantitative inputs and qualitative investment information and analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in the management of the Fund. If the quantitative inputs are not predictive or qualitative assessments are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect, the Fund may underperform. The baskets of securities or instruments selected for the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may not perform as RIM expects and security or instrument selection risk may cause the Fund to underperform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative to other funds with similar investment objectives and strategies. Exposure tilts may be ineffective and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM’s judgments regarding perceived market risks and opportunities may be incorrect. There is no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM will effectively assess the Fund’s portfolio characteristics and it is possible that its judgments regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s exposures may be incorrect. In addition, actions taken to manage Fund exposures, including risk, may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ineffective and/or cause the Fund to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models) may cause the Fund's returns to be lower than if the Fund employed a </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">index-based strategies are subject to “tracking error” risk, which is the risk that the performance of the portion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund's portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">track.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that the Fund invests significantly in the information technology </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0924
0.1192
0.1263
0.1505
0.1241
0.1265
0.1641
0.1371
0.1369
0.1637
0.1373
0.1371
0.1642
0.1376
0.1373
0.1618
0.1354
0.1351
0.0882
0.0985
0.1086
0.1455
0.1037
0.1070
0.1737
0.1359
0.1459
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Equity Income Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth and current income.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0075
0
0
0
0
0.0039
0.0064
0.0039
0.0024
0.0039
0.0019
0.0119
0.0194
0.0094
0.0079
0.0094
0.0074
-0.0007
-0.0007
-0.0017
-0.0009
-0.0011
-0.0007
0.0112
0.0187
0.0077
0.0070
0.0083
0.0067
February 28, 2027
“Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
683
190
79
72
85
68
925
602
283
243
289
230
1185
1041
504
430
509
405
1929
2259
1139
970
1145
912
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">25</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.25
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies as those companies represented by the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index or with market capitalization within the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization range of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. The Fund may also invest in equity securities economically tied to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. countries. Equity securities in which the Fund invests include common stocks, preferred stocks, partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interests and equity-equivalent securities or instruments whose values are based on common stocks, such as futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. RIM may change </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund's asset allocation at any time. The Fund's money managers have non-discretionary asset management </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions. Equity securities in which the Fund may invest include common stocks, preferred stocks and partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interests. The Fund may invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ADRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Global Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund may also invest a portion of its assets in securities of companies, known </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as real estate investment trusts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">), that own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in medium capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies may involve greater risks because these companies generally have narrower markets, more limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managerial and financial resources and a less diversified product offering than larger, more established companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investments in preferred stocks are subject to the risks of common stocks, as well as the risk that interest rates will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rise and make the fixed dividend feature, if any, less appealing to investors resulting in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The Fund's primary benchmark was changed from the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Value Index to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index effective January 1, 2024 to comply with regulations that require the Fund's primary benchmark to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">represent the overall applicable domestic equity market. The first benchmark in the table is the Fund's primary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benchmark. The second benchmark in the table is the Fund's secondary benchmark. The Equity Income Linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Benchmark represents the returns of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index through September 30, 2019 and the returns of the Russell </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Value Index thereafter and is included because RIM changed the Fund's primary benchmark from the Russell </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index to the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Value Index on October 1, 2019. The Equity Income Linked Benchmark provides a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">means to compare the Fund's average annual returns to a secondary benchmark that RIM believes is representative of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategies pursued by the Fund taking into account historical changes in the Fund's benchmark and investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies. RIM assesses the Fund's performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The Equity Income Linked Benchmark provides a means to compare the Fund's average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund taking into account historical changes in the Fund's benchmark and investment strategies.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0758
0.0921
0.1033
0.1332
0.0969
0.1016
0.1451
0.1084
0.1130
0.1465
0.1100
0.1147
0.1451
0.1084
0.1130
0.1087
0.0732
0.0782
0.1112
0.0803
0.0822
0.1737
0.1359
0.1459
0.1591
0.1133
0.1144
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Sustainable Aware Equity Fund
Investment Objective (Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0075
0
0
0
0
0.0055
0.0080
0.0055
0.0040
0.0055
0.0035
0.0135
0.0210
0.0110
0.0095
0.0110
0.0090
-0.0005
-0.0005
-0.0015
-0.0007
-0.0009
-0.0005
0.0130
0.0205
0.0095
0.0088
0.0101
0.0085
February 28, 2027
“Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)* Effective on or About March 24, 2026:
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0075
0
0
0
0
0.0050
0.0075
0.0050
0.0035
0.0050
0.0030
0.0130
0.0205
0.0105
0.0090
0.0105
0.0085
-0.0015
-0.0015
-0.0025
-0.0017
-0.0019
-0.0015
0.0115
0.0190
0.0080
0.0073
0.0086
0.0070
February 28, 2027
“Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
“Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect expenses expected to be incurred by the Fund.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
700
208
97
90
103
87
973
653
335
296
341
282
1267
1124
592
519
597
494
2101
2427
1327
1160
1332
1103
685
193
82
75
88
72
949
628
309
270
315
256
1233
1090
555
482
561
457
2040
2367
1260
1092
1265
1035
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">75</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.75
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large and medium capitalization U.S. companies. The Fund defines large and medium capitalization companies as those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies represented by the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index or with market capitalization within the capitalization range of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. Equity securities in which the Fund invests include common stocks, preferred stocks, partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interests and equity-equivalent securities or instruments whose values are based on common stocks, such as futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts. The Fund pursues a “sustainable” investment strategy that takes into account environmental, social and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governance (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ESG</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) considerations. In particular, the Fund's investment strategy seeks to tilt the portfolio toward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sustainability goals are combined in RIM’s proprietary portfolio construction process, which identifies the combination of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities that best achieves the sustainability goals while minimizing transaction costs and deviation from the money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers’ security selection. The Fund may employ long-short equity strategies pursuant to which it sells securities short.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented and/or defensive) multi-manager approach. RIM may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">change the Fund's asset allocation at any time. The Fund employs discretionary and non-discretionary money managers. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s non-discretionary money managers provide a model portfolio to RIM representing their investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">recommendations, based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">desired exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund assets for which the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's non-discretionary money managers provide model portfolios and the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts. The Fund may invest in securities of non-U.S. issuers by purchasing American Depositary Receipts </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ADRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) or Global Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund may also invest a portion of its assets in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, known as real estate investment trusts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">), that own and/or manage properties. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments and may use derivatives to take both long and short positions. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
Principal Investment Strategies of the Fund Effective On or About March 24, 2026:
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities that Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s adviser, considers to be sustainable. RIM considers an equity security to be sustainable if it has either (i) lower </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">carbon intensity (defined as Scope 1 and 2 emissions / company sales) than the weighted average carbon intensity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(“WACI”) of the securities in the MSCI ACWI Index, the Fund’s primary index, or (ii) a Morningstar Sustainalytics ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Risk Rating of “medium,” “low” or “negligible.” WACI measures a portfolio’s exposure to carbon intensive companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Morningstar Sustainalytics’ ESG Risk Ratings assess the magnitude of a company’s unmanaged environmental, social and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governance (“ESG”) risk, measured through evaluation of a set of material ESG issues based on both the company’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposure to and management of those issues.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The exposure dimension incorporates factors such as a company’s business </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">model (including geographical aspects), financial strength and event history. The management dimension provides </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">granularity to a company’s management strengths and weaknesses and assesses how well a company is managing the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ESG risks it is exposed to. The exposure and management dimensions are placed side by side to determine unmanaged </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ESG risk and companies are assigned to one of five categories of unmanaged ESG risk ranging from negligible to severe.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pursues a “sustainable” investment strategy that takes into account ESG considerations. The Fund invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principally in equity securities, including common stocks and preferred stocks, of companies economically tied to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">number of countries around the world, including the U.S., and in depositary receipts representing shares in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, in a globally diversified manner. A portion of the Fund’s securities are denominated in foreign currencies and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are typically held outside the U.S. The Fund may invest a portion of its assets in equity securities of companies that are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">economically tied to emerging market countries. The Fund considers emerging market countries to include every country </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United Kingdom and the United States. The Fund invests principally in large and medium capitalization companies, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also invest in small capitalization companies. The Fund defines large and medium capitalization companies as those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies represented by the MSCI ACWI Index or with market capitalization within the capitalization range of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MSCI ACWI Index. Equity securities in which the Fund invests include common stocks, preferred stocks, partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interests, depositary receipts and equity-equivalent securities or instruments whose value is based on common stocks, such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund incorporates the following ESG-related sustainability goals into its portfolio construction process:</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; text-decoration: underline;">1. Reduction in carbon emissions in alignment with the Paris-Aligned Investment Initiative’s Net Zero Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; text-decoration: underline;">Framework (“PAII NZIF”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">PAII NZIF is a framework and set of reference targets which serve as a guide and accountability mechanism </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ensuring that the decarbonization of the Fund’s portfolio is consistent with a “Net Zero” pathway. Net Zero pathways </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">refer to science-based emissions, technology, and/or investment trajectories that limit global average temperature rise with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sufficiently high probability. RIM utilizes the PAII NZIF as its primary target-setting framework for measuring the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Net Zero alignment. The PAII NZIF includes guidance on how to assess the strength and maturity of a company’s Net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Zero target and performance against six core criteria. RIM uses data from third-party climate-focused organizations to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">undertake this analysis. Using this data and proprietary modeling, RIM classifies each company in the Fund’s portfolio on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a quarterly basis by Net Zero alignment status and monitors the Fund’s holdings to ensure that the Fund’s holdings meet </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">specified Net Zero alignment targets. RIM also measures the Fund’s decarbonization trajectory by monitoring the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">weighted average carbon dioxide equivalent emissions of the Fund’s holdings to ensure that Fund-level emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease in line with a specified carbon emissions reduction target.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; text-decoration: underline;">2. Exclusion of companies with significant involvement in certain activities that are considered harmful to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; text-decoration: underline;">environment and/or society.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM excludes the following industries and activities from investment by the Fund: controversial weapons and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies with a significant involvement with oil sands, arctic oil and gas, shale energy, thermal coal, tobacco, gambling, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adult entertainment or palm oil. Investments in companies involved in these industries or activities will be excluded where </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">their exposure to the industry or activity exceeds exposure limits determined by RIM. RIM uses data provided by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">third-party data provider to assess whether a company's exposure to an industry or activity is above the designated </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposure limits.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> RIM’s exposure limits are based on the percentage of revenue a company derives from the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">aforementioned industries and activities, with additional climate transition (i.e., transition to a low carbon emission </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">producing economy) criteria applied to thermal coal.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; text-decoration: underline;">3. The Fund will only invest in companies that follow good governance practices by international standards.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM utilizes the services of a third-party data provider to assist it in identifying companies that are aligned to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United Nations Global Compact Principles (“UNGC Principles”). These companies are deemed by RIM as having good </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governance practices and therefore investable by the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An assessment of UNGC Principle alignment includes a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">holistic assessment of core metrics for measuring a company’s governance practices, including company responsibility, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">labor relations, company management and the severity of impacts on stakeholders and/or the environment.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to not be aligned with the UNGC Principles are placed on the Fund’s exclusions list. If a company is identified </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by the third-party data provider as not being aligned with the UNGC Principles, the company may still be investable by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund if RIM determines that it does follow good governance practices despite this UNGC Principle assessment.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund’s money managers have a focus on sustainability issues, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such as</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> climate transition, pollution and waste </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management and the reduction of greenhouse gas emissions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-style (e.g., growth, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value, market-oriented, defensive and dynamic) and multi-manager approach. RIM may change the Fund's asset allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">at any time. The Fund's money managers have non-discretionary asset management assignments pursuant to which they </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">provide the desired exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts and forward currency contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in synthetic foreign equity securities, which may be referred to as international warrants, local access </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">products, participation notes or low exercise price warrants. International warrants are a form of derivative security issued </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">access products are similar to options in that they are exercisable by the holder for an underlying security or the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that security, but are generally exercisable over a longer term than typical options. The Fund may also invest in equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">own and/or manage properties. Please refer to the “Investment Objective and Investment Strategies” section in the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in medium capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies may involve greater risks because these companies generally have narrower markets, more limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managerial and financial resources and a less diversified product offering than larger, more established companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Sustainable Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Applying sustainability and ESG criteria to the investment process may exclude or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market opportunities available to funds that do not use sustainability criteria. The Fund’s performance may at times </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be better or worse than the performance of funds that do not use sustainability criteria. Investors may differ in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">their view of whether a particular investment fits within the sustainability criteria, and as a result, the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest in issuers that do not reflect the beliefs and/or values of any particular investor.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that the Fund invests significantly in the information technology </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may engage in active and frequent trading, which may result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instrument may default on its obligation to deliver the underlying security or its value. These instruments may also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, the exercise or settlement date may be affected by certain market disruption events which could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. On or about March 24, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">2026, the Fund’s primary benchmark will change from the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index to the MSCI ACWI Index as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">believes the MSCI ACWI Index better represents the global securities markets in which the Fund will invest. The second </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benchmark in the table is the Fund's secondary benchmark. The Sustainable Aware Equity Linked Benchmark represents </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Defensive Index through December 31, 2020 and the returns of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">thereafter and is included because RIM changed the Fund's primary benchmark from the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Defensive Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index on January 1, 2021. The Sustainable Aware Equity Linked Benchmark provides a means to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">compare the Fund's average annual returns to a secondary benchmark that RIM believes is representative of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment strategies pursued by the Fund, taking into account historical changes in the Fund's benchmark and investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies. RIM assesses the Fund's performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0531
0.0924
0.1097
0.1091
0.0971
0.1079
0.1206
0.1086
0.1194
0.1223
0.1103
0.1212
0.1206
0.1086
0.1194
0.0863
0.0736
0.0871
0.0937
0.0790
0.0891
0.1737
0.1359
0.1459
0.1737
0.1359
0.1407
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
U.S. Strategic Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0055
0.0055
0.0055
0.0055
0.0055
0.0055
0.0025
0.0075
0
0
0
0
0.0038
0.0063
0.0038
0.0023
0.0038
0.0018
0.0118
0.0193
0.0093
0.0078
0.0093
0.0073
-0.0010
-0.0010
-0.0020
-0.0010
-0.0010
-0.0008
0.0108
0.0183
0.0073
0.0068
0.0083
0.0065
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
679
186
75
69
85
66
919
596
276
239
286
225
1178
1033
495
423
505
398
1916
2246
1125
957
1134
899
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">61</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.61
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities economically tied to the U.S. The Fund invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principally in common stocks of medium and large capitalization U.S. companies. The Fund defines large and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies as those companies represented by the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index or with market capitalization within </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the capitalization range of the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. The Fund may employ long-short equity strategies pursuant to which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it sells securities short. Equity securities in which the Fund invests include common stocks, preferred stocks, partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interests and equity-equivalent securities or instruments whose values are based on common stocks, such as futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts. In determining if a security is economically tied to the U.S., the Fund generally looks to the “country of risk” </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the issuer as determined by a third party such as Bloomberg L.P.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and/or dynamic) and multi-manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approach. RIM may change the Fund's asset allocation at any time, including not allocating Fund assets to one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies. The Fund employs discretionary and non-discretionary money managers. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-discretionary money managers provide a model portfolio to RIM representing their investment recommendations, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">desired exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund assets for which the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's non-discretionary money managers provide model portfolios and the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions. The Fund may invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ADRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or Global Depositary Receipts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDRs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund may also invest a portion of its assets in securities of companies, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">known as real estate investment trusts (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">), that own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in medium capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies may involve greater risks because these companies generally have narrower markets, more limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managerial and financial resources and a less diversified product offering than larger, more established companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that the Fund invests significantly in the information technology </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0798
0.0924
0.1165
0.1373
0.0970
0.1147
0.1501
0.1094
0.1269
0.1510
0.1098
0.1270
0.1486
0.1082
0.1259
0.1182
0.0873
0.1038
0.1083
0.0824
0.0972
0.1737
0.1359
0.1459
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
U.S. Small Cap Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your familyinvest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0070
0.0070
0.0070
0.0070
0.0070
0.0070
0.0025
0.0075
0
0
0
0
0.0041
0.0066
0.0041
0.0026
0.0041
0.0021
0.0136
0.0211
0.0111
0.0096
0.0111
0.0091
0.0000
0.0000
-0.0014
-0.0002
-0.0004
0.0000
0.0136
0.0211
0.0097
0.0094
0.0107
0.0091
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
706
214
99
96
109
93
981
661
339
304
349
290
1277
1134
598
529
608
504
2116
2441
1339
1176
1348
1120
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">85</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.85
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in small capitalization equity securities economically tied to the U.S. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund invests principally in common stocks of small capitalization U.S. companies, some of which are also considered </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">micro capitalization U.S. companies. The Fund defines small capitalization companies as those companies represented by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Russell 2000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index or with market capitalization within the capitalization range of the Russell 2000</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Index. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may employ long-short equity strategies pursuant to which it sells securities short. Equity securities in which the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund invests include common stocks, preferred stocks, partnership interests and equity-equivalent securities or instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">whose values are based on common stocks, such as futures contracts. In determining if a security is economically tied to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S., the Fund generally looks to the “country of risk” of the issuer as determined by a third party such as Bloomberg </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">L.P. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and/or dynamic) and multi-manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approach. RIM may change the Fund's asset allocation at any time, including not allocating Fund assets to one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies. The Fund employs discretionary and non-discretionary money managers. The Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-discretionary money managers provide a model portfolio to RIM representing their investment recommendations, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">desired exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund assets for which the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's non-discretionary money managers provide model portfolios and the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions. The Fund may invest a portion of its assets in securities of companies, known as real estate investment trusts </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">), that own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could losemoney.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and micro capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies may involve greater risks because these companies generally have narrower markets, more limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managerial and financial resources and a less diversified product offering than larger, more established companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Small and micro capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Micro capitalization company stocks are also more likely to suffer from significantly diminished market liquidity.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’sClass S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale</span> <span style="color: #000000; font-family: times new roman; font-size: 10pt;">of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The second benchmark inthe table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annualreturns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns arecalculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of stateand local taxes.
After-taxreturns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans orindividual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and saleof Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0216
0.0560
0.0826
0.0763
0.0607
0.0809
0.0886
0.0728
0.0931
0.0891
0.0732
0.0936
0.0892
0.0734
0.0939
0.0872
0.0717
0.0921
0.0679
0.0410
0.0668
0.0655
0.0492
0.0675
0.1715
0.1315
0.1429
0.1281
0.0609
0.0962
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Multifactor International Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0045
0.0045
0.0045
0.0045
0.0045
0.0045
0.0025
0.0075
0
0
0
0
0.0052
0.0077
0.0052
0.0037
0.0052
0.0032
0.0122
0.0197
0.0097
0.0082
0.0097
0.0077
-0.0003
-0.0003
-0.0018
-0.0005
-0.0003
-0.0003
0.0119
0.0194
0.0079
0.0077
0.0094
0.0074
February 28, 2027
“Other Expenses” for Class A and Class C Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
“Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect expenses expected to be incurred by the Fund.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
689
197
81
79
96
76
937
615
291
257
306
243
1204
1060
519
450
533
425
1965
2293
1173
1009
1187
951
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">59</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.59
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities. The Fund invests principally in equity securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including common stocks issued by companies economically tied to or located in developed market countries, other than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. and in depositary receipts representing shares in such companies. The Fund’s securities are denominated </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principally in foreign currencies and are typically held outside the U.S. The Fund may invest a portion of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity securities of companies that are economically tied to emerging market countries. The Fund considers the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries to include every other country. The Fund invests principally in large and medium capitalization companies, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also invest in small capitalization companies. The Fund defines large and medium capitalization companies as those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies represented by the MSCI World ex USA Index or with market capitalization within the capitalization range of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the MSCI World ex USA Index. Equity securities in which the Fund invests include common stocks, preferred stocks, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership interests, depositary receipts and equity-equivalent securities or instruments whose values are based on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">common stocks, such as futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (“RIM”) seeks to achieve the Fund’s investment objective by managing the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s overall exposures (such as value, momentum, quality, capitalization size, lower volatility, growth, industry, sector, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">region, defensive or dynamic). The Fund’s exposures are monitored and analyzed relative to the MSCI World ex USA </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index and RIM tilts the Fund’s exposures by over or underweighting any of the portfolio’s characteristics relative to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MSCI World ex USA Index over the short, intermediate or long term. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Fund to assess Fund characteristics and identify </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a portfolio which it believes will provide the desired exposures. After RIM has determined the Fund’s desired exposures, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM identifies baskets of stocks and determines their weights within the Fund in order to reflect those desired exposures. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">These baskets are generally comprised of stocks included in the MSCI World ex USA Index but may include or be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">entirely comprised of stocks not included in the MSCI World ex USA Index. The baskets are derived from various </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">indexes, quantitative tools and/or rules-based processes designed to achieve desired exposures. RIM may also invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">index futures, index put or call options, currency forwards or exchange traded funds as a substitute for the purchase of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks to achieve desired exposures, in pursuit of the Fund’s investment objective or for hedging purposes. The Fund </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">forward currency contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could losemoney.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. RIM utilizes a variety of quantitative inputs and qualitative investment information and analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in the management of the Fund. If the quantitative inputs are not predictive or qualitative assessments are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect, the Fund may underperform. The baskets of securities or instruments selected for the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may not perform as RIM expects and security or instrument selection risk may cause the Fund to underperform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative to other funds with similar investment objectives and strategies. Exposure tilts may be ineffective and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM’s judgments regarding perceived market risks and opportunities may be incorrect. There is no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM will effectively assess the Fund’s portfolio characteristics and it is possible that its judgments regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s exposures may be incorrect. In addition, actions taken to manage Fund exposures, including risk, may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ineffective and/or cause the Fund to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models) may cause the Fund's returns to be lower than if the Fund employed a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">index-based strategies are subject to “tracking error” risk, which is the risk that the performance of the portion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund's portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Effective January 1, 2018, RIM changed the Fund’s primary benchmark from the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World ex USA Index (net of tax on dividends from foreign holdings). The Multifactor International Equity Linked Benchmark represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign holdings) thereafter. The Multifactor International Equity Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark. RIM assesses the Fund's performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The Multifactor International Equity Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-taxreturns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.3094
0.0959
0.0760
0.3104
0.0964
0.0764
0.3106
0.0967
0.0766
0.3087
0.0943
0.0745
0.3013
0.0869
0.0690
0.1859
0.0746
0.0610
0.3185
0.0946
0.0855
0.3185
0.0946
0.0857
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
International Developed Markets Fund
Investment Objective (Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your familyinvest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0070
0.0070
0.0070
0.0070
0.0070
0.0070
0.0025
0.0075
0
0
0
0
0.0033
0.0058
0.0033
0.0018
0.0033
0.0013
0.0128
0.0203
0.0103
0.0088
0.0103
0.0083
-0.0002
-0.0002
-0.0016
-0.0004
-0.0006
-0.0002
0.0126
0.0201
0.0087
0.0084
0.0097
0.0081
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
696
204
89
86
99
83
956
635
312
277
322
263
1235
1091
553
484
563
459
2030
2357
1245
1081
1254
1023
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">32</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.32
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in companies that are located in countries (other than the U.S.) with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developed markets or that are economically tied to such countries. The Fund invests principally in equity securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including common stocks and preferred stocks, issued by companies incorporated in developed markets outside the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and in depositary receipts. The Fund’s securities are denominated principally in foreign currencies and are typically held </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">outside the U.S. The Fund may invest a portion of its assets in equity securities of companies that are economically tied </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to emerging market countries. The Fund considers the following countries to have developed markets: Australia, Austria, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests principally in large and medium capitalization companies, but may also invest in small capitalization companies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund defines large and medium capitalization companies as those companies represented by the MSCI World ex </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">USA Index or with market capitalization within the capitalization range of the MSCI World ex USA Index. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">determining if a security is economically tied to or located in a developed market country, the Fund generally looks to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“country of risk” of the issuer as determined by a third party such as Bloomberg L.P. or “country of incorporation” of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer, respectively.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and dynamic) and multi-manager approach. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM may change the Fund's asset allocation at any time. The Fund's money managers have non-discretionary asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management assignments pursuant to which they provide a model portfolio to RIM representing their investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">recommendations, based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts and forward currency contracts. The Fund may invest in derivative instruments and may use derivatives </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be referred </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to as international warrants, local access products, participation notes or low exercise price warrants. International </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying security or securities for a particular price or give holders the right to receive cash payment relating to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the underlying security or securities. Local access products are similar to options in that they are exercisable by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">typical options. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciation of the underlying linked securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could losemoney.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instrument may default on its obligation to deliver the underlying security or its value. These instruments may also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, the exercise or settlement date may be affected by certain market disruption events which could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’sClass S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. Effective January 1, 2018, RIM changed the Fund’s primary benchmark </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ex USA Index (net of tax on dividends from foreign holdings). The International Developed Markets Linked Benchmark </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">represents the returns of the Russell Developed ex-US Large Cap Index (net of tax on dividends from foreign holdings) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through December 31, 2017, and the returns of the MSCI World ex USA Index (net of tax on dividends from foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">holdings) thereafter. The International Developed Markets Linked Benchmark provides a means to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benchmark. RIM assesses the Fund’s performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than the total return before taxes and the total return after taxes on distributions. For more information, see the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The International Developed Markets Linked Benchmark provides a means to compare the Fund’saverage annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primarybenchmark.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns arecalculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of stateand local taxes.
After-taxreturns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans orindividual retirement accounts.
Ifthe Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higherthan the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.2088
0.0691
0.0659
0.2729
0.0737
0.0642
0.2873
0.0860
0.0763
0.2881
0.0867
0.0770
0.2861
0.0850
0.0753
0.2663
0.0785
0.0690
0.1849
0.0683
0.0614
0.3185
0.0946
0.0855
0.3185
0.0946
0.0857
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Global Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:times new roman;font-size:10pt">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color:#000000;font-family:times new roman;font-size:10pt">282</span><span style="color:#000000;font-family:times new roman;font-size:10pt">,</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">286</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">365</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">page </span><span style="color:#000000;font-family:times new roman;font-size:10pt">33</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0071
0.0071
0.0071
0.0071
0.0071
0.0071
0.0025
0.0075
0
0
0
0
0.0030
0.0055
0.0030
0.0015
0.0030
0.0010
0.0126
0.0201
0.0101
0.0086
0.0101
0.0081
-0.0003
-0.0003
-0.0013
-0.0005
-0.0003
-0.0003
0.0123
0.0198
0.0088
0.0081
0.0098
0.0078
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic;margin-left:20pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">mutual funds.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color:#000000;font-family:times new roman;font-size:10pt">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color:#000000;font-family:times new roman;font-size:10pt">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color:#000000;font-family:times new roman;font-size:1pt;line-height:1pt"> </span></div>
693
201
90
83
100
80
949
628
309
269
319
256
1224
1080
545
472
555
447
2008
2335
1224
1056
1234
999
Portfolio Turnover
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:times new roman;font-size:10pt">49</span><span style="color:#000000;font-family:times new roman;font-size:10pt">% of the average value of its portfolio.</span></div>
0.49
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assets plus borrowings for investment purposes in equity securities. The Fund invests principally in equity securities, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">including common stocks and preferred stocks, of companies economically tied to a number of countries around the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">world, including the U.S., and in depositary receipts representing shares in such companies, in a globally diversified </span><span style="color:#000000;font-family:times new roman;font-size:10pt">manner. A portion of the Fund’s securities are denominated in foreign currencies and are typically held outside the U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund may invest a portion of its assets in equity securities of companies that are economically tied to emerging </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market countries. The Fund considers emerging market countries to include every country in the world except Australia, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">United States. The Fund invests principally in large and medium capitalization companies, but may also invest in small </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capitalization companies. The Fund defines large and medium capitalization companies as those companies represented by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the MSCI World Index or with market capitalization within the capitalization range of the MSCI World Index.The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may employ long-short strategies pursuant to which it gains exposure to a portfolio of long and short equity securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">through derivative positions. The Fund may also purchase equity securities to implement its long-short strategies. Equity </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities in which the Fund invests include common stocks, preferred stocks, partnership interests, depositary receipts </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and equity-equivalent securities or instruments whose value is based on common stocks, such as futures contracts.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Russell Investment Management, LLC (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">) provides or oversees the provision of all investment advisory and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and dynamic) and multi-manager approach. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM may change the Fund's asset allocation at any time. The Fund employs discretionary and non-discretionary money </span><span style="color:#000000;font-family:times new roman;font-size:10pt">managers. The Fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">them. The Fund’s non-discretionary money managers provide a model portfolio to RIM representing their investment </span><span style="color:#000000;font-family:times new roman;font-size:10pt">recommendations, based upon which RIM purchases and sells securities for the Fund. RIM manages Fund assets not </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assess Fund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use </span><span style="color:#000000;font-family:times new roman;font-size:10pt">strategies based on indexes. RIM also manages the portion of Fund assets for which the Fund's non-discretionary money </span><span style="color:#000000;font-family:times new roman;font-size:10pt">managers provide model portfolios and the Fund’s cash balances. </span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color:#000000;font-family:times new roman;font-size:10pt">futures contracts and forward currency contracts. The Fund may invest in derivative instruments and may use derivatives </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be referred </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to as international warrants, local access products, participation notes or low exercise price warrants. International </span><span style="color:#000000;font-family:times new roman;font-size:10pt">warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underlying security or securities for a particular price or give holders the right to receive cash payment relating to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">value of the underlying security or securities. Local access products are similar to options in that they are exercisable by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than </span><span style="color:#000000;font-family:times new roman;font-size:10pt">typical options. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital </span><span style="color:#000000;font-family:times new roman;font-size:10pt">appreciation of the underlying linked securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color:#000000;font-family:times new roman;font-size:10pt">by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">own and/or manage properties. Please refer to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">Investment Objective and Investment Strategies</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> section in the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Equity Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color:#000000;font-family:times new roman;font-size:10pt">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in a decline in price.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-U.S. Securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color:#000000;font-family:times new roman;font-size:10pt">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Emerging Markets Equity Securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Investing in emerging market equity securities can pose some risks different </span><span style="color:#000000;font-family:times new roman;font-size:10pt">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color:#000000;font-family:times new roman;font-size:10pt">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color:#000000;font-family:times new roman;font-size:10pt">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color:#000000;font-family:times new roman;font-size:10pt">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">countries may be limited.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Currency Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Global Financial Markets Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Liquidity Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">achieving the Fund’s objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Active Management</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underperform.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Short Positions Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund will incur a loss as a result of a short position if the price of the shorted security </span><span style="color:#000000;font-family:times new roman;font-size:10pt">increases over the tenor of the short position. Short positions may give rise to a form of leverage. Leverage tends </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short positions have the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">potential for unlimited loss.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Multi-Manager Approach.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> While the investment styles employed by the money managers are intended to be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Fundamental Investing Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Quantitative Investing and Models.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Quantitative inputs and models use historical company, economic and/or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">with similar investment objectives and strategies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Derivatives</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color:#000000;font-family:times new roman;font-size:10pt">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">asset, rate or index.</span></div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Index-Based Investing. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color:#000000;font-family:times new roman;font-size:10pt">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Depositary Receipts</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color:#000000;font-family:times new roman;font-size:10pt">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">into which they may be converted.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Synthetic Foreign Equity Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in these instruments involve the risk that the issuer of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instrument may default on its obligation to deliver the underlying security or its value. These instruments may also </span><span style="color:#000000;font-family:times new roman;font-size:10pt">be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In </span><span style="color:#000000;font-family:times new roman;font-size:10pt">addition, the exercise or settlement date may be affected by certain market disruption events which could cause the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Equity Linked Notes. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color:#000000;font-family:times new roman;font-size:10pt">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Currency Trading Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the price of the currency agreed to be sold.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Information Technology Sector Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. To the extent that the Fund invests significantly in the information technology </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and other factors.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Real Estate Investment Trusts (“REITs”)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. REITs may be affected by changes in the value of the underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Counterparty Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-Discretionary Implementation Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-weight:bold;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color:#000000;font-family:times new roman;font-size:10pt">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color:#000000;font-family:times new roman;font-size:10pt">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund may be used as an investment by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color:#000000;font-family:times new roman;font-size:10pt">case the Fund may cease operations.</span></div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Cyber Security and Other Operational Risks. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">An investment in the Fund, like any fund, can involve operational </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">disruptive events or cyber security incidents</span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">set forth next to the bar chart.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the table is the Fund's secondary benchmark. Effective January 1, 2018, RIM changed the Fund’s primary benchmark </span><span style="color:#000000;font-family:times new roman;font-size:10pt">from the Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI World Index </span><span style="color:#000000;font-family:times new roman;font-size:10pt">(net of tax on dividends from foreign holdings). The Global Equity Linked Benchmark represents the returns of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Russell Developed Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017, and the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns of the MSCI World Index (net of tax on dividends from foreign holdings) thereafter. The Global Equity Linked </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into </span><span style="color:#000000;font-family:times new roman;font-size:10pt">account historical changes in the Fund’s primary benchmark. RIM assesses the Fund’s performance relative to its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">secondary benchmark.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby </span><span style="color:#000000;font-family:times new roman;font-size:10pt">increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher </span><span style="color:#000000;font-family:times new roman;font-size:10pt">than the total return before taxes and the total return after taxes on distributions. For more information, see the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Performance Notes section in the Fund’s Prospectus.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">information is available at https://russellinvestments.com.</span></div>
The Global Equity Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.1407
0.1039
0.1078
0.2016
0.1086
0.1061
0.2144
0.1209
0.1183
0.2155
0.1218
0.1194
0.2122
0.1196
0.1172
0.1877
0.1060
0.0915
0.1399
0.0931
0.0878
0.2109
0.1215
0.1217
0.2109
0.1215
0.1220
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Russell Indexes. Russell</span><span style="color:#000000;font-family:times new roman;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> is a trademark of Frank Russell Company.</span></div>
Emerging Markets Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0093
0.0093
0.0093
0.0093
0.0093
0.0093
0.0025
0.0075
0
0
0
0
0.0036
0.0061
0.0036
0.0021
0.0036
0.0016
0.0154
0.0229
0.0129
0.0114
0.0129
0.0109
-0.0012
-0.0012
-0.0022
-0.0012
-0.0012
-0.0010
0.0142
0.0217
0.0107
0.0102
0.0117
0.0099
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
711
220
109
104
119
101
1022
704
387
350
397
337
1355
1214
686
616
696
591
2294
2616
1537
1375
1546
1320
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">57</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.57
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in emerging market companies. The Fund principally invests in equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, including common stocks and preferred stocks, of companies economically tied to emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and in depositary receipts representing shares in such companies. These companies are referred to as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The Fund considers emerging market countries to include every country in the world except Australia, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States. The Fund’s securities are denominated principally in foreign currencies and are typically held outside the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. The Fund invests in large, medium and small capitalization companies. A portion of the Fund’s net assets may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“illiquid” investments. In determining if a security is economically tied to an emerging market country, the Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">looks to the “country of risk” of the issuer as determined by a third party such as Bloomberg L.P.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and/or dynamic) and multi-manager </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">approach. RIM may change the Fund's asset allocation at any time. The Fund’s money managers have non-discretionary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">recommendations, based upon which RIM purchases and sells securities for the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">desired exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures contracts and forward currency contracts. The Fund may invest in derivative instruments and may use derivatives </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to take both long and short positions. The Fund may invest in synthetic foreign equity securities, which may be referred </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to as international warrants, local access products, participation notes or low exercise price warrants. International </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">warrants are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying security or securities for a particular price or give holders the right to receive cash payment relating to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of the underlying security or securities. Local access products are similar to options in that they are exercisable by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">typical options. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appreciation of the underlying linked securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by purchasing forward currency contracts and may engage in currency transactions for speculative purposes. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in other investment companies and pooled investment vehicles. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instrument may default on its obligation to deliver the underlying security or its value. These instruments may also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, the exercise or settlement date may be affected by certain market disruption events which could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that the Fund invests significantly in the information technology </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. Effective January 1, 2018, RIM changed the Fund’s primary benchmark </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) to the MSCI Emerging Markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index (net of tax on dividends from foreign holdings). The Emerging Markets Linked Benchmark represents the returns of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Russell Emerging Markets Index (net of tax on dividends from foreign holdings) through December 31, 2017, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the returns of the MSCI Emerging Markets Index (net of tax on dividends from foreign holdings) thereafter. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Emerging Markets Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benchmark that takes into account historical changes in the Fund’s primary benchmark. RIM assesses the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than the total return before taxes and the total return after taxes on distributions. For more information, see the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The Emerging Markets Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.2605
0.0267
0.0637
0.3267
0.0312
0.0620
0.3410
0.0426
0.0736
0.3420
0.0431
0.0744
0.3423
0.0434
0.0746
0.3400
0.0416
0.0727
0.3365
0.0366
0.0688
0.2083
0.0359
0.0615
0.3357
0.0420
0.0842
0.3357
0.0420
0.0824
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Tax-Managed U.S. Large Cap Fund
Investment Objective (Non-Fundamental)
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund seeks to provide long term capital growth on an after-tax basis.</span></div>
Fees and Expenses of the Fund
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:times new roman;font-size:10pt">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color:#000000;font-family:times new roman;font-size:10pt">282</span><span style="color:#000000;font-family:times new roman;font-size:10pt">,</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">286</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">365</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">page </span><span style="color:#000000;font-family:times new roman;font-size:10pt">33</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0063
0.0063
0.0063
0.0063
0.0025
0.0075
0
0
0.0027
0.0052
0.0027
0.0027
0.0115
0.0190
0.0090
0.0090
0.0000
0.0000
-0.0010
0.0000
0.0115
0.0190
0.0080
0.0090
February 28, 2027
Example
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic;margin-left:20pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">mutual funds.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">operating expenses remain the same.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color:#000000;font-family:times new roman;font-size:1pt;line-height:1pt"> </span></div>
685
193
82
92
919
597
277
287
1172
1026
489
498
1892
2222
1099
1108
Portfolio Turnover
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:times new roman;font-size:10pt">31</span><span style="color:#000000;font-family:times new roman;font-size:10pt">% of the average value of its portfolio.</span></div>
0.31
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assets plus borrowings for investment purposes in large capitalization companies economically tied to the U.S. The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">invests principally in common stocks of large capitalization U.S. companies. The Fund defines large capitalization </span><span style="color:#000000;font-family:times new roman;font-size:10pt">companies as those companies represented by the S&P 500</span><span style="color:#000000;font-family:times new roman;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Index or with market capitalization within the capitalization </span><span style="color:#000000;font-family:times new roman;font-size:10pt">range of the S&P 500</span><span style="color:#000000;font-family:times new roman;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Index. In determining if a security is economically tied to the U.S., the Fund generally looks to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the “country of risk” of the issuer as determined by a third party such as Bloomberg L.P. The Fund seeks to realize </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capital growth while considering shareholder tax consequences arising from its portfolio management activities. The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">typically buys stocks with the intention of holding them long enough to qualify for long-term capital gains tax treatment. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Stocks may, however, be sold at a point where short-term capital gains are realized if the Fund believes it is appropriate </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in that case to do so or as a result of redemption activity.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Russell Investment Management, LLC (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">) provides or oversees the provision of all investment advisory and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM pursuant to a multi-style (e.g., growth, value and market-oriented) and multi-manager approach. RIM may change </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund's asset allocation at any time. The Fund's money managers have non-discretionary asset management </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">based upon which RIM purchases and sells securities for the Fund.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index </span><span style="color:#000000;font-family:times new roman;font-size:10pt">futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short </span><span style="color:#000000;font-family:times new roman;font-size:10pt">positions. The Fund may invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">ADRs</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">) </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or Global Depositary Receipts (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">GDRs</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">). The Fund may also invest a portion of its assets in securities of companies, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">known as real estate investment trusts (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">REITs</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">), that own and/or manage properties. Please refer to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">Investment </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Objective and Investment Strategies</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Equity Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issued them, general market conditions and/or economic conditions.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Tax-Sensitive Management</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Tax-managed strategies may provide a lower return before consideration of federal </span><span style="color:#000000;font-family:times new roman;font-size:10pt">income tax consequences than other mutual funds that are not tax-managed. Money managers with distinct and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">different investment approaches are selected in an attempt to reduce overlap in holdings across money managers </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">and reduce the instance of wash sales. To the extent that wash sales occur from time to time, the ability of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund to achieve its investment objective may be impacted. Unexpected large redemptions could require the Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to sell portfolio securities resulting in its realization of net capital gains.</span></div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Global Financial Markets Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Liquidity Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">achieving the Fund’s objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Active Management</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underperform.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Multi-Manager Approach.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> While the investment styles employed by the money managers are intended to be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Fundamental Investing Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Quantitative Investing and Models.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Quantitative inputs and models use historical company, economic and/or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">with similar investment objectives and strategies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Derivatives</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color:#000000;font-family:times new roman;font-size:10pt">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">asset, rate or index.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Index-Based Investing. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color:#000000;font-family:times new roman;font-size:10pt">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Depositary Receipts</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color:#000000;font-family:times new roman;font-size:10pt">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">into which they may be converted.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Information Technology Sector Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. To the extent that the Fund invests significantly in the information technology </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sector, the Fund will be sensitive to changes in, and the Fund’s performance may depend to a greater extent on, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the overall condition of the information technology sector. Companies in the information technology sector can be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">intellectual property rights, falling prices and profits, competition from new market entrants, government regulation </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and other factors.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Real Estate Investment Trusts (“REITs”)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. REITs may be affected by changes in the value of the underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Counterparty Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-Discretionary Implementation Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-weight:bold;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color:#000000;font-family:times new roman;font-size:10pt">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color:#000000;font-family:times new roman;font-size:10pt">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund may be used as an investment by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color:#000000;font-family:times new roman;font-size:10pt">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color:#000000;font-family:times new roman;font-size:10pt">case the Fund may cease operations.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Cyber Security and Other Operational Risks. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">An investment in the Fund, like any fund, can involve operational </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">disruptive events or cyber security incidents</span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">set forth next to the bar chart.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">broad market performance.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more </span><span style="color:#000000;font-family:times new roman;font-size:10pt">information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0761
0.1012
0.1164
0.1332
0.1060
0.1146
0.1457
0.1182
0.1268
0.1446
0.1171
0.1258
0.1434
0.1159
0.1242
0.0864
0.0933
0.1050
0.1788
0.1442
0.1482
<div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">S&P</span><span style="color:#000000;font-family:times new roman;font-size:4.5pt;position:relative;top:-7pt">®</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> is a registered trademark of Standard & Poor's Financial Services LLC.</span></div>
Tax-Managed U.S. Mid & Small Cap Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth on an after-tax basis.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund. </span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0096
0.0096
0.0096
0.0096
0.0025
0.0075
0
0
0.0030
0.0055
0.0030
0.0030
0.0151
0.0226
0.0126
0.0126
-0.0002
-0.0005
-0.0015
-0.0005
0.0149
0.0221
0.0111
0.0121
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
718
224
113
123
1023
702
385
395
1350
1205
677
687
2271
2591
1509
1518
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">55</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.55
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in medium and small capitalization companies economically tied to the U.S. The Fund invests principally in common stocks of medium and small capitalization U.S. companies. The Fund defines medium and small capitalization companies as those companies represented by the Russell 2500™ Index or with market capitalization within the capitalization range of the Russell 2500™ Index. In determining if a security is economically tied to the U.S., the Fund generally looks to the “country of risk” of the issuer as determined by a third party such as Bloomberg L.P. The Fund seeks to realize capital growth while considering shareholder tax consequences arising from its portfolio management activities. The Fund typically buys stocks with the intention of holding them long enough to qualify for long-term capital gains tax treatment. Stocks may, however, be sold at a point where short-term capital gains are realized if the Fund believes it is most appropriate in that case to do so or as a result of redemption activity. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and/or dynamic) and multi-manager approach. RIM may change the Fund's asset allocation at any time. The Fund's money managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. Please refer to the “Investment Objective and Investment Strategies” section in the Fund's Prospectus for further information. </span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Tax-Sensitive Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Tax-managed strategies may provide a lower return before consideration of federal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income tax consequences than other mutual funds that are not tax-managed. Money managers with distinct and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different investment approaches are selected in an attempt to reduce overlap in holdings across money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reduce the instance of wash sales. To the extent that wash sales occur from time to time, the ability of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund to achieve its investment objective may be impacted. Unexpected large redemptions could require the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to sell portfolio securities resulting in its realization of net capital gains.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com. </span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
-0.0108
0.0348
0.0723
0.0422
0.0396
0.0709
0.0538
0.0510
0.0827
0.0524
0.0500
0.0817
0.0513
0.0492
0.0810
0.0319
0.0389
0.0667
0.1715
0.1315
0.1429
0.1191
0.0726
0.1040
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Tax-Managed International Equity Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long-term capital growth on an after-tax basis.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund. </span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0081
0.0081
0.0081
0.0081
0.0025
0.0075
0
0
0.0030
0.0055
0.0030
0.0030
0.0136
0.0211
0.0111
0.0111
-0.0007
-0.0007
-0.0017
-0.0007
0.0129
0.0204
0.0094
0.0104
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
699
207
96
106
974
654
336
346
1271
1128
595
605
2110
2436
1336
1345
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">29</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.29
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in equity securities. The Fund invests principally in equity securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued by companies economically tied to non-U.S. countries, including emerging market countries. Equity securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which the Fund invests include common stocks, preferred stocks, partnership interests, depositary receipts and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity-equivalent securities or instruments whose value is based on common stocks, such as futures contracts. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities are denominated principally in foreign currencies and are typically held outside the U.S. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments span most of the developed nations of the world to maintain a high degree of diversification among countries </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and currencies. Under normal market conditions, the Fund will invest at least 40%, and may invest up to 100%, of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets in equity securities economically tied to non-U.S. countries. The Fund may also invest in equity securities of U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies. The Fund considers the following countries to have developed markets: Australia, Austria, Belgium, Canada, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. As a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general rule, the Fund considers emerging market countries to include every other country. The Fund invests principally in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">large and medium capitalization companies, but may also invest in small capitalization companies. The Fund defines large </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and medium capitalization companies as those companies represented by the MSCI ACWI ex USA Index or with market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization within the capitalization range of the MSCI ACWI ex USA Index. The Fund seeks to realize capital growth </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">while considering shareholder tax consequences arising from the Fund’s portfolio management activities. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">typically buys stocks with the intention of holding them long enough to qualify for long-term capital gains tax treatment. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Stocks may, however, be sold at a point where short-term capital gains are realized if the Fund believes it is most </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">appropriate in that case to do so or as a result of redemption activity.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-style (e.g., growth, value, market-oriented, defensive and dynamic) and multi-manager approach. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM may change the Fund's asset allocation at any time. The Fund's money managers have non-discretionary asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">management assignments pursuant to which they provide a model portfolio to RIM representing their investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">recommendations, based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain markets by purchasing equity securities and/or derivatives, which typically include futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts and forward currency contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in synthetic foreign equity securities, which may be referred to as international warrants, local access </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">products, participation notes or low exercise price warrants. International warrants are a form of derivative security issued </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">access products are similar to options in that they are exercisable by the holder for an underlying security or the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that security, but are generally exercisable over a longer term than typical options. The Fund may also invest in equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may at times seek to protect a portion of its investments against adverse currency exchange rate changes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by purchasing forward currency contracts or currency futures contracts and may engage in currency transactions for </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">speculative purposes. The Fund may also invest a portion of its assets in securities of companies, known as real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment trusts (“REITs”), that own and/or manage properties. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Tax-Sensitive Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Tax-managed strategies may provide a lower return before consideration of federal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income tax consequences than other mutual funds that are not tax-managed. Money managers with distinct and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different investment approaches are selected in an attempt to reduce overlap in holdings across money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reduce the instance of wash sales. To the extent that wash sales occur from time to time, the ability of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund to achieve its investment objective may be impacted. Unexpected large redemptions could require the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to sell portfolio securities resulting in its realization of net capital gains.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instrument may default on its obligation to deliver the underlying security or its value. These instruments may also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">addition, the exercise or settlement date may be affected by certain market disruption events which could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Effective January 1, 2018, RIM changed the Fund’s primary benchmark from the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) to the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings). The Tax-Managed International Equity Linked Benchmark represents the returns of the Russell Global ex-US Large Cap Index (net of tax on dividends from foreign holdings) through December 31, 2017 and the returns of the MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings) thereafter. The Tax-Managed International Equity Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com. </span></div>
The Tax-Managed International Equity Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that takes into account historical changes in the Fund’s primary benchmark.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.2265
0.0521
0.0630
0.2919
0.0568
0.0613
0.3067
0.0685
0.0730
0.3052
0.0674
0.0720
0.3015
0.0662
0.0706
0.1879
0.0556
0.0607
0.3239
0.0791
0.0841
0.3239
0.0791
0.0842
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Tax-Managed Real Assets Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term capital growth on an after-tax basis.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0085
0.0085
0.0085
0.0085
0.0025
0.0075
0
0
0.0031
0.0056
0.0031
0.0031
0.0141
0.0216
0.0116
0.0116
-0.0009
-0.0009
-0.0019
-0.0009
0.0132
0.0207
0.0097
0.0107
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
702
210
99
109
987
667
350
360
1294
1151
620
630
2161
2486
1392
1401
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">44</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.44
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of its net assets plus </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes in investments related to real assets and real asset companies. Real assets are broadly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">defined by the Fund and are considered to include any assets that have physical properties, such as natural resources, real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">estate, infrastructure and commodities. The Fund considers an investment to be related to real assets or a real asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">company if it is included in the Global Industry Classification Standard (“GICS”) real estate sector or one of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">following GICS sub-industries: Agricultural & Farm Machinery, Agricultural Products & Services, Airport Services, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Aluminum, Building Products, Cable & Satellite, Coal & Consumable Fuels, Construction & Engineering, Copper, Data </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Center REITs, Diversified Chemicals, Diversified Metals & Mining, Diversified REITs, Electric Utilities, Electrical </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Components & Equipment, Environmental & Facilities Services, Fertilizers & Agricultural Chemicals, Forest Products, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Gas Utilities, Gold, Health Care REITs, Heavy Electrical Equipment, Highways & Railtracks, Hotel & Resort REITs, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Independent Power Producers & Energy Traders, Industrial Conglomerates, Industrial Gases, Industrial REITs, Integrated </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Oil & Gas, Integrated Telecommunication Services, Internet Services & Infrastructure, Marine Ports & Services, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Multi-Family Residential REITs, Multi-</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Utilities, Office REITs, Oil & Gas Drilling, Oil & Gas Equipment & Services, Oil </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">& Gas Exploration & Production, Oil & Gas Refining & Marketing, Oil & Gas Storage & Transportation, Other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Specialized REITs, Packaged Foods & Meats, Paper & Plastic Packaging Products & Materials, Paper Products, Precious </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Metals & Minerals, Rail Transportation, Real Estate Development, Renewable Electricity, Retail REITs, Self Storage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REITs, Semiconductor Materials & Equipment, Semiconductors, Single-Family Residential REITs, Specialty Chemicals, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Steel, Telecom Tower REITs, Timber REITs or Water Utilities. In an effort to provide equity-like returns over a market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycle while mitigating downside risk relative to equities, Russell Investment Management, LLC (“RIM”) allocates the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s assets globally across the real assets group of industries, focusing on real estate, infrastructure and natural </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">resources. RIM intends to shift the Fund’s assets within the real assets group of industries based on RIM’s outlook on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business and economic cycle, relative market valuations and market sentiment. The Fund seeks to realize capital growth </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">while considering shareholder tax consequences arising from its portfolio management activities. The Fund typically buys </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks with the intention of holding them long enough to qualify for long-term capital gains tax treatment. Stocks may, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">however, be sold at a point where short-term capital gains are realized if the Fund believes it is appropriate in that case to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">do so or as a result of redemption activity.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-asset, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">multi-manager approach. RIM may change the Fund's asset allocation at any time. The Fund's money managers have </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes and qualitative analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to assess Fund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies based on indexes. RIM also manages the Fund's cash balances. The Fund usually, but not always, pursues a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategy to be fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity securities and/or derivatives, which typically include index futures contracts and swaps.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in equity securities issued by U.S. and non-U.S. (i) real estate companies, including real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment trusts (“REITs”) and similar REIT-like entities; (ii) infrastructure companies, which are companies that are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">engaged in the infrastructure business; and (iii) natural resources and natural resources-related companies. The Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">concentrate its investments in equity securities of companies in the real assets group of industries. The Fund may also </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Receipts (“GDRs”). Infrastructure companies also include energy-related companies organized as master limited </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnerships (“MLPs”) and their affiliates.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may enter into spot and forward currency contracts to facilitate settlement of securities transactions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Tax-Sensitive Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Tax-managed strategies may provide a lower return before consideration of federal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income tax consequences than other mutual funds that are not tax-managed. Money managers with distinct and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">different investment approaches are selected in an attempt to reduce overlap in holdings across money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and reduce the instance of wash sales. To the extent that wash sales occur from time to time, the ability of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund to achieve its investment objective may be impacted. Unexpected large redemptions could require the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to sell portfolio securities resulting in its realization of net capital gains.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund's investments in natural resources companies involve risks. The market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">natural resources related securities may be affected by numerous factors, including events occurring in nature, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inflationary pressures and international politics. The securities of natural resources companies may experience more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">price volatility than securities of companies in other industries. Rising interest rates and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Industry Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. By concentrating in certain industries, the Fund carries much greater risk of adverse </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments in those industries than a fund that invests in a wide variety of industries.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a partnership) to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will decrease the Fund’s tax basis in its MLP investment and will therefore increase the amount of gain (or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease the amount of loss) that will be eventually recognized on the sale of such MLP investment. Distributions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from an MLP in excess of the Fund’s tax basis in the MLP will generally be treated as capital gain. Also, gain or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loss recognized on a disposition of an MLP equity security may be recharacterized as ordinary income to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">extent attributable to a deemed disposition of MLP assets subject to depreciation recapture or similar items, with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the amount of such ordinary income potentially exceeding the gain realized on the disposition or occurring even if </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">there is a net loss on the disposition. The tax treatment of taxable income allocated to the Fund each year by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MLPs will not be known until the Fund receives a schedule K-1 for that year with respect to each of its MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. The Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Nareit Equity REIT Index, 30% S&P Global Infrastructure Index and 30% S&P Global Natural Resources Index. The</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Tax-Managed Real Assets Blended Benchmark provides a means to compare the Fund's average annual returns to a</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund's performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> than the total return before taxes and the total return after taxes on distributions. For more information, see the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The Tax-Managed Real Assets Blended Benchmark provides a means to compare the Fund's average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
2019-06-10
2019-06-10
2019-06-10
2019-06-10
2019-06-10
2019-06-10
2019-06-10
2019-06-10
0.0699
0.0548
0.0581
0.1280
0.0597
0.0598
0.1400
0.0712
0.0715
0.1387
0.0702
0.0704
0.1287
0.0622
0.0631
0.0861
0.0529
0.0538
0.2109
0.1215
0.1347
0.1592
0.0913
0.0723
Opportunistic Credit Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide total return.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0058
0.0058
0.0058
0.0058
0.0058
0.0058
0.0025
0.0075
0
0
0
0
0.0036
0.0061
0.0036
0.0021
0.0036
0.0016
0.0119
0.0194
0.0094
0.0079
0.0094
0.0074
-0.0024
-0.0024
-0.0029
-0.0014
-0.0024
-0.0012
0.0095
0.0170
0.0065
0.0065
0.0070
0.0062
February 28, 2027
“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2025 but did not reflect a full year of waiver.
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
468
173
66
66
72
63
716
586
271
238
276
224
983
1025
492
425
497
400
1744
2245
1128
965
1133
907
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">75</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.75
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in credit-related investments. Credit-related investments are fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and floating rate securities representing debt obligations that typically require the issuer to repay the holders the principal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">amount borrowed and generally to pay interest. The Fund considers credit-related investments to include fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equivalent instruments, which may be represented by forwards or derivatives such as options, futures contracts, or swap </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreements. The Fund invests in various tactical global bond opportunities including high yield debt securities, emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets debt securities (including Brady Bonds), U.S. and non-U.S. corporate debt securities, Yankee Bonds (dollar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">denominated obligations issued in the U.S. by non-U.S. banks and corporations), fixed income securities issued or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guaranteed by the U.S. government (including Treasury Inflation Protected Securities and zero coupon securities) or by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality (including emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets sovereign debt) and investment grade securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund's asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages assets not allocated to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM determines the Fund’s allocations to fixed income sectors, money manager strategies and RIM’s strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on RIM’s target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs to estimate optimal portfolio positioning.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in debt securities that are rated below investment grade (commonly referred to as “high yield” </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or “junk bonds”) and in “distressed” debt securities. The Fund may invest in mortgage-backed and asset-backed securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest without limitation in securities denominated in foreign currencies, in U.S. dollar-denominated </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of foreign issuers and in developed and emerging markets debt securities. The Fund considers the following </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries to have developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Sweden, Switzerland, the United Kingdom and the United States. As a general rule, the Fund considers emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries to include every other country. The Fund may invest in currency futures and options on futures, forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency contracts, currency swaps and currency options for speculative purposes or to seek to protect a portion of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments against adverse currency exchange rate changes. The Fund may invest in derivative instruments and may use </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives to take both long and short positions. The Fund’s use of derivatives may cause the Fund’s investment returns </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to be impacted by the performance of securities the Fund does not own and result in the Fund’s total investment exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exceeding the value of its portfolio. The Fund may invest in synthetic foreign fixed income securities, which may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">referred to as local access products and participation notes. Local access products are similar to options in that they are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercisable by the holder for an underlying security or the value of that security, but are generally exercisable over a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">longer term than typical options. The Fund usually, but not always, exposes a portion of its cash to changes in interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates or market/sector returns by purchasing fixed income securities and/or derivatives, which typically include total return </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">swaps, index credit default swaps and to be announced (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">TBA</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) securities. The Fund may also purchase loans and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">direct indebtedness, including bank loans (also called “leveraged loans”). The Fund may invest in obligations issued or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guaranteed by U.S. or foreign banks. The Fund may enter into repurchase agreements. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper, including asset-backed commercial paper. The Fund may invest in convertible securities, including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contingent convertible securities. A portion of the Fund’s net assets may be “illiquid” investments. The Fund may invest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in variable and floating rate securities. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, the Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that the Fund could experience a reduced income rate and a worsened standing in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. The Opportunistic Credit Linked Benchmark represents the returns of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Opportunistic Credit Blended Benchmark (a blended benchmark comprised of 60% ICE BofA Global High Yield Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(USD hedged) and 40% JP Morgan EMBI Global Diversified Index) through December 31, 2018 and the returns of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Opportunistic Credit Composite Index (a composite index comprised of 50% ICE BofA Developed Markets High Yield </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Constrained Index Hedged (USD hedged), 20% JP Morgan EMBI Global Diversified Index, 20% Bloomberg U.S. 1-3 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Month Treasury Bill Index and 10% Bloomberg U.S. Corporate Index) thereafter and is included because RIM changed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s secondary benchmark from the Opportunistic Credit Blended Benchmark to the Opportunistic Credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Composite Index on January 1, 2019. The Opportunistic Credit Linked Benchmark provides a means to compare the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursued by the Fund, taking into account historical changes in the Fund's secondary benchmark and investment strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM assesses the Fund's performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than the total return before taxes and the total return after taxes on distributions. For more information, see the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The Opportunistic Credit Linked Benchmark provides a means to compare the Fund’s average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund's secondary benchmark and investment strategies.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0428
0.0226
0.0415
0.0751
0.0225
0.0377
0.0854
0.0333
0.0485
0.0869
0.0338
0.0488
0.0861
0.0329
0.0482
0.0613
0.0123
0.0272
0.0506
0.0159
0.0278
0.0758
0.0006
0.0244
0.0864
0.0343
0.0533
Long Duration Bond Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide total return.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0015
0.0015
0.0015
0.0015
0.0015
0.0015
0.0025
0.0075
0
0
0
0
0.0034
0.0059
0.0034
0.0019
0.0034
0.0014
0.0074
0.0149
0.0049
0.0034
0.0049
0.0029
0.0000
0.0000
-0.0015
-0.0002
0.0000
0.0000
0.0074
0.0149
0.0034
0.0032
0.0049
0.0029
February 28, 2027
“Other Expenses” for Class A, Class C and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
448
152
35
33
50
30
603
471
142
107
157
93
771
813
259
189
274
163
1259
1779
601
429
616
368
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">59</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.59
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. Bonds are fixed income securities representing debt obligations </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that typically require the issuer to repay the bondholders the principal amount borrowed and generally to pay interest. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund considers bonds to include fixed income equivalent instruments, which may be represented by forwards or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivatives such as options, futures contracts or swap agreements.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (“RIM”) seeks to achieve the Fund’s investment objective by managing the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s overall exposures (such as duration, sector, industry, region, currency, credit quality, yield curve positioning or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rates). The Fund’s exposures are monitored and analyzed relative to the ICE BofA 10-15 Year US Treasury Index </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and RIM tilts the Fund’s exposures by over or underweighting any of the portfolio’s characteristics relative to the ICE </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">BofA 10-15 Year US Treasury Index over the short, intermediate or long term. RIM utilizes a variety of quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs and qualitative investment information and analysis in the management of the Fund to assess Fund characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and identify a portfolio which it believes will provide the desired exposures. After RIM has determined the Fund’s desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures, RIM invests the Fund’s assets in a variety of instruments, including securities of issuers in a variety of sectors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the fixed income market and fixed income currency derivatives, in order to reflect those desired exposures. RIM may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">replicate indexes or may utilize techniques such as optimization and/or substitution of index constituents to seek to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">efficiently gain desired portfolio exposures.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund invests principally in long duration bonds and defines long duration as durations greater than 9 years. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund has no restrictions on individual security duration. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has no restrictions on the maturity of securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it invests or on the maturity of its overall portfolio. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in fixed income securities issued or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">guaranteed by the U.S. government or by any U.S. government agency or instrumentality, municipal debt obligations, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S. corporate debt securities and Yankee Bonds (dollar denominated obligations issued in the U.S. or by non-U.S. banks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and corporations). The Fund may invest in currency futures and options on futures, forward currency contracts, currency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">swaps and currency options for speculative purposes or to seek to protect a portion of its investments against adverse </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency exchange rate changes. The Fund may invest in derivative instruments and may use derivatives to take both long </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and short positions. The Fund’s use of derivatives may cause the Fund’s investment returns to be impacted by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance of securities the Fund does not own and result in the Fund’s total investment exposure exceeding the value </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of its portfolio. The Fund may invest in mortgage related securities, including mortgage-backed securities. A portion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s net assets may be illiquid. The Fund may enter into repurchase agreements. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper, including tax-free and indexed commercial paper. The Fund may also invest in variable master demand </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes and stand-by-commitments. The Fund usually, but not always, exposes a portion of its cash to changes in interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates or market/sector returns by purchasing fixed income securities and/or derivatives, which typically include exchange </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">traded fixed income futures contracts, to be announced (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">TBA</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) securities and swaps. The Fund may engage in active </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and frequent trading of portfolio securities to achieve its principal investment strategies. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds.
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. corporate debt securities are subject to interest rate risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and market risk and are affected by perceptions of the creditworthiness and business prospects of individual </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuers.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Municipal Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Municipal obligations are subject to interest rate, credit and illiquidity risk and are affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by economic, business or political developments and may be subject to provisions of litigation, bankruptcy and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other laws affecting the rights and remedies of creditors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. RIM utilizes a variety of quantitative inputs and qualitative investment information and analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in the management of the Fund. If the quantitative inputs are not predictive or qualitative assessments are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect, the Fund may underperform. The baskets of securities or instruments selected for the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may not perform as RIM expects and security or instrument selection risk may cause the Fund to underperform </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative to other funds with similar investment objectives and strategies. Exposure tilts may be ineffective and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM’s judgments regarding perceived market risks and opportunities may be incorrect. There is no guarantee that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM will effectively assess the Fund’s portfolio characteristics and it is possible that its judgments regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s exposures may be incorrect. In addition, actions taken to manage Fund exposures, including risk, may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ineffective and/or cause the Fund to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models) may cause the Fund's returns to be lower than if the Fund employed a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fundamental investment approach to security selection with respect to that portion of its portfolio. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">index-based strategies are subject to “tracking error” risk, which is the risk that the performance of the portion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund's portfolio utilizing an index-based strategy will differ from the performance of the index it seeks to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of the Fund to exercise a put or stand-by commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may depend on the seller’s ability to purchase the securities at the time the put or stand-by commitment is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the anticipated proceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from demand notes, including variable rate demand notes, the notes may not be fully repaid and the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may engage in active and frequent trading, which may result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Model Asset Allocation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The Fund is intended to be purchased solely by investors who invest in the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model asset allocations provided by Russell Investments. The Fund is not intended for investment on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">a standalone basis. RIM intends to manage the Fund in a manner consistent with the objectives of the model asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations and the Fund’s investment strategy may not be appropriate for investors that do not invest in the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to these models. RIM’s management of the Fund consistent with the objectives of the model asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocations may cause the Fund to underperform other funds with similar investment objectives and investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class Y Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class Y Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. The Long Duration Bond Linked Benchmark represents the returns of the Bloomberg Global Aggregate Bond Index through September 30, 2023 and the returns of the ICE BofA 10-15 Year US Treasury Index thereafter and is included as a means to compare the Fund’s average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund’s benchmark and investment strategies. RIM assesses the Fund's performance relative to its secondary benchmark.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The Long Duration Bond Linked Benchmark represents the returns of the Bloomberg Global Aggregate Bond Index through September 30, 2023 and the returns of the ICE BofA 10-15 Year US Treasury Index thereafter and is included as a means to compare the Fund’s average annual returns to a secondary benchmark that RIM believes is representative of the investment strategies pursued by the Fund, taking into account historical changes in the Fund’s benchmark and investment strategies.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class Y Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
2019-11-13
2019-11-13
2019-11-13
2019-11-13
2019-11-13
2019-11-13
2019-11-13
0.0743
-0.0088
0.0050
0.0727
-0.0094
0.0045
0.0748
-0.0086
0.0051
0.0590
-0.0257
-0.0116
0.0441
-0.0136
-0.0028
0.0730
-0.0036
0.0098
0.0770
0.0009
0.0102
Strategic Bond Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide total return.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0038
0.0038
0.0038
0.0038
0.0038
0.0038
0.0025
0.0075
0
0
0
0
0.0030
0.0055
0.0030
0.0015
0.0030
0.0010
0.0093
0.0168
0.0068
0.0053
0.0068
0.0048
-0.0010
-0.0010
-0.0022
-0.0008
-0.0012
-0.0006
0.0083
0.0158
0.0046
0.0045
0.0056
0.0042
February 28, 2027
“Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the Fund’s proportionate share of the operating expenses of any other fund in which the Fund invests, including the U.S. Cash Management Fund.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
457
161
47
46
57
43
651
520
195
162
205
148
861
903
357
288
367
263
1466
1979
826
657
835
598
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">56</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.56
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. Bonds are fixed income and floating rate securities representing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">forwards or derivatives such as options, futures contracts or swap agreements.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund’s asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages assets not allocated to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">based on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM determines the Fund’s allocations to fixed income sectors, money manager strategies and RIM’s strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on RIM’s target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs to estimate optimal portfolio positioning.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in mortgage related securities, including mortgage-backed securities. The Fund may also invest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in (1) U.S. and non-U.S. corporate debt securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by non-U.S. banks and corporations), (3) fixed income securities issued or guaranteed by the U.S. government, non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governments, or by any U.S. government or non-U.S. government agency or instrumentality and (4) asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund may invest in debt securities that are rated below investment grade (commonly referred to as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high-yield</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">junk bonds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) and in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">distressed</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> debt securities. The Fund may invest in currency futures and options on </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">futures, forward currency contracts, currency swaps and currency options for speculative purposes or to seek to protect a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portion of its investments against adverse currency exchange rate changes. The Fund may invest in derivative instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and may use derivatives to take both long and short positions. The Fund’s use of derivatives may cause the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund’s total </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment exposure exceeding the value of its portfolio. The duration of the Fund's portfolio will typically be within one </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">year of the duration of the Bloomberg U.S. Aggregate Bond Index, but may vary up to two years from the Index's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">duration. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund has no restrictions on the maturity of securities in which it invests or on the maturity of its overall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A portion of the Fund’s net assets may be “illiquid” investments. The Fund may invest in variable and floating </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate securities. The Fund may purchase loans and other direct indebtedness, including bank loans (also called </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loans</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund may invest in non-U.S. debt securities, including developed and emerging market debt securities, some </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of which may be non-U.S. dollar denominated. The Fund considers the following countries to have developed markets: </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Kingdom and the United States. As a general rule, the Fund considers emerging market countries to include every other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">country. The Fund may enter into repurchase agreements. The Fund may invest in commercial paper, including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset-backed commercial paper. The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund usually, but not always, exposes a portion of its cash to changes in interest rates or market/sector returns by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchasing fixed income securities and/or derivatives, which typically include exchange traded fixed income futures </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">contracts, to be announced (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">TBA</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) securities and swaps. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds.
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, the Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">broad market performance.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0312
-0.0195
0.0128
0.0648
-0.0192
0.0090
0.0750
-0.0084
0.0202
0.0763
-0.0082
0.0205
0.0755
-0.0080
0.0207
0.0751
-0.0094
0.0194
0.0537
-0.0222
0.0059
0.0442
-0.0125
0.0095
0.0730
-0.0036
0.0201
Investment Grade Bond Fund
Investment Objective (Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide current income and the preservation of capital.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0025
0.0025
0.0025
0.0025
0.0025
0.0025
0.0025
0.0075
0
0
0
0
0.0031
0.0056
0.0031
0.0016
0.0031
0.0011
0.0081
0.0156
0.0056
0.0041
0.0056
0.0036
-0.0001
-0.0001
-0.0015
-0.0003
-0.0005
-0.0001
0.0080
0.0155
0.0041
0.0038
0.0051
0.0035
February 28, 2027
“Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the Fund’s proportionate share of the operating expenses of any other fund in which the Fund invests, including the U.S. Cash Management Fund.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
454
158
42
39
52
36
623
492
164
129
174
115
807
849
298
227
308
201
1338
1856
687
515
697
455
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">82</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.82
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in investment grade bonds. Bonds are fixed income and floating rate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities representing debt obligations that typically require the issuer to repay the bondholders the principal amount </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowed and generally to pay interest. The Fund considers bonds to include fixed income equivalent instruments, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The Fund considers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“investment grade” to mean either that a nationally recognized statistical rating organization has rated the securities Baa3 </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or BBB- (or the equivalent) or better or the securities have been determined to be of comparable quality.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund’s asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages assets not allocated to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM determines the Fund’s allocations to fixed income sectors, money manager strategies and RIM’s strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on RIM’s target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs to estimate optimal portfolio positioning.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in mortgage related securities, including mortgage-backed securities. The Fund may also invest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in (1) U.S. and non-U.S. corporate debt securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by non-U.S. banks and corporations), (3) fixed income securities issued or guaranteed by the U.S. government, non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governments, or by any U.S. government or non-U.S. government agency or instrumentality and (4) asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund will invest principally in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment grade</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> quality at the time of purchase. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not own and result in the Fund’s total investment exposure exceeding the value of its portfolio. The duration of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund's portfolio will typically be within one year of the duration of the Bloomberg U.S. Aggregate Bond Index, but may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">vary up to two years from the Index's duration. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund has no restrictions on the maturity of securities in which it </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invests or on the maturity of its overall portfolio.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A portion of the Fund’s net assets may be “illiquid” investments. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in variable and floating rate securities. The Fund may purchase loans and other direct indebtedness. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in non-U.S. debt securities, including developed and emerging market debt securities, some of which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be non-U.S. dollar denominated. The Fund considers the following countries to have developed markets: Australia, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may enter into repurchase agreements. The Fund may invest in commercial paper, including asset-backed commercial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">paper. The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund usually, but not </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">always, exposes a portion of its cash to changes in interest rates or market/sector returns by purchasing fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities and/or derivatives, which typically include exchange traded fixed income futures contracts, to be announced </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">TBA</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) securities and swaps. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0293
-0.0186
0.0115
0.0615
-0.0183
0.0078
0.0743
-0.0070
0.0192
0.0748
-0.0068
0.0197
0.0747
-0.0065
0.0199
0.0727
-0.0081
0.0183
0.0510
-0.0216
0.0045
0.0428
-0.0118
0.0083
0.0730
-0.0036
0.0201
Short Duration Bond Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide current income and preservation of capital with a focus on short duration securities.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0250
0
0
0
0
0
0.0075
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0035
0.0035
0.0035
0.0035
0.0035
0.0035
0.0025
0.0075
0
0
0
0
0.0035
0.0060
0.0035
0.0020
0.0035
0.0015
0.0095
0.0170
0.0070
0.0055
0.0070
0.0050
-0.0018
-0.0018
-0.0023
-0.0008
-0.0018
-0.0006
0.0077
0.0152
0.0047
0.0047
0.0052
0.0044
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
327
155
48
48
53
45
528
518
201
168
206
154
745
906
367
299
372
274
1371
1994
849
682
854
622
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">113</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
1.13
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in bonds. Bonds are fixed income and floating rate securities representing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">forwards or derivatives such as options, futures contracts or swap agreements.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund’s asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages assets not allocated to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on indexes. RIM also manages the Fund's cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM determines the Fund’s allocations to fixed income sectors, money manager strategies and RIM’s strategies based </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on RIM’s target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction costs to estimate optimal portfolio positioning.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund invests principally in short duration bonds and defines short duration as a duration ranging from zero to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">three years. The Fund has no restrictions on individual security duration. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">has no restrictions on the maturity of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities in which it invests or on the maturity of its overall portfolio.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in mortgage related </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, including mortgage-backed securities. The Fund may also invest in (1) U.S. and non-U.S. corporate debt </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, (2) Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(3) fixed income securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government or non-U.S. government agency or instrumentality and (4) asset-backed securities. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt securities that are rated below investment grade (commonly referred to as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">high-yield</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">junk bonds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">). The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not own and result in the Fund’s total investment exposure exceeding the value of its portfolio. A portion of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">net assets may be “illiquid” investments. The Fund may invest in variable and floating rate securities. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">invest in non-U.S. debt securities, including developed and emerging market debt securities, some of which may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. dollar denominated. The Fund considers the following countries to have developed markets: Australia, Austria, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may enter into repurchase agreements. The Fund may invest in commercial paper, including asset-backed commercial </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">paper. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">strategies. The Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund usually, but not </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">always, exposes a portion of its cash to changes in interest rates or market/sector returns by purchasing fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities and/or derivatives, which typically include exchange traded fixed income futures contracts and swaps. Please </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may engage in active and frequent trading, which may result in higher </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be susceptible to adverse economic or regulatory occurrences </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may affect the value of the Fund’s investments more than if the Fund were not invested to such a degree in this </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. Companies in the financial services sector may be particularly susceptible to factors such as interest rate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0297
0.0086
0.0177
0.0480
0.0087
0.0139
0.0596
0.0194
0.0246
0.0596
0.0194
0.0246
0.0594
0.0197
0.0249
0.0592
0.0190
0.0242
0.0385
0.0077
0.0142
0.0347
0.0096
0.0142
0.0730
-0.0036
0.0201
0.0511
0.0180
0.0185
Tax-Exempt High Yield Bond Fund
Investment Objective (Non-Fundamental)
The Fund seeks to provide a high level of current income that is exempt from federal tax,
and as a secondary objective, total return.
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund. </span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0047
0.0047
0.0047
0.0047
0.0025
0.0075
0
0
0.0029
0.0054
0.0029
0.0029
0.0101
0.0176
0.0076
0.0076
-0.0012
-0.0012
-0.0022
-0.0015
0.0089
0.0164
0.0054
0.0061
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
462
167
55
62
673
542
221
228
901
943
401
408
1554
2063
922
928
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">22</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.22
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">plus borrowings for investment purposes in fixed income investments the income from which is exempt from federal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income tax. The Fund invests principally in municipal debt obligations providing federal tax-exempt interest income, but </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest up to 20% of the value of its net assets plus borrowings for investment purposes in municipal debt securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the income on which is subject to federal income tax, including the alternative minimum tax. The Fund generally intends </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to invest a substantial portion of its assets in medium- to low-quality municipal debt securities including those that are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rated in the lowest rating category by a nationally recognized statistical rating organization (“NRSRO”). The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally expects to invest between 20% and 80% of its assets in municipal debt securities that are rated below </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment grade by one or more NRSROs (commonly referred to as “high-yield” or “junk bonds”) or in unrated </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities judged to be of comparable quality. The Fund may invest in industrial development bonds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change a Fund's asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages the Fund’s cash </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portion of the Fund’s net assets may be “illiquid” investments. The Fund may invest in commercial paper. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">also invest in puts, stand-by commitments and demand notes (including variable rate demand notes). The Fund may enter </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into repurchase agreements. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Municipal Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Municipal obligations are subject to interest rate, credit and illiquidity risk and are affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by economic, business or political developments and may be subject to provisions of litigation, bankruptcy and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other laws affecting the rights and remedies of creditors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Alternative Minimum Tax Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The Fund may invest in municipal bonds the income on which is subject to federal </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income tax, including the alternative minimum tax. As a result, taxpayers who are subject to the alternative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">minimum tax could earn a lower after-tax return.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of the Fund to exercise a put or stand-by commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may depend on the seller’s ability to purchase the securities at the time the put or stand-by commitment is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the anticipated proceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from demand notes, including variable rate demand notes, the notes may not be fully repaid and the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com. </span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returnsfor the periods ended December 31, 2025
-0.0169
0.0018
0.0274
0.0144
0.0021
0.0237
0.0252
0.0129
0.0348
0.0245
0.0124
0.0341
0.0231
0.0118
0.0335
0.0292
0.0176
0.0347
0.0425
0.0080
0.0234
0.0317
0.0164
0.0356
Tax-Exempt Bond Fund
Investment Objective (Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund seeks to provide federal tax-exempt current income consistent with the preservation of capital. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will invest, under normal circumstances, at least 80% of the value of its assets in investments the income from which is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exempt from federal income tax.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0.0100
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0030
0.0030
0.0030
0.0030
0.0025
0.0075
0
0
0.0027
0.0052
0.0027
0.0027
0.0082
0.0157
0.0057
0.0057
-0.0002
-0.0006
-0.0016
-0.0006
0.0080
0.0151
0.0041
0.0051
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
454
154
42
52
625
490
167
177
811
849
302
312
1349
1862
698
708
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">45</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.45
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">plus borrowings for investment purposes in investments the income from which is exempt from federal income tax. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund invests principally in investment-grade municipal debt obligations providing federal tax-exempt interest income. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest up to 20% of the value of its net assets plus borrowings for investment purposes in municipal debt </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities the income on which is subject to federal income tax.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change a Fund's asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers select the individual portfolio instruments for the assets assigned to them. RIM manages the Fund's cash </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may also invest in puts, stand-by commitments and demand notes (including variable rate demand notes). The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest in fixed income securities issued or guaranteed by the U.S. government (including zero coupon securities). </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in municipal debt securities that are rated below investment grade (commonly referred to as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“high-yield” or “junk bonds”). A portion of the Fund’s net assets may be “illiquid” investments. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper. The Fund may enter into repurchase agreements. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Municipal Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Municipal obligations are subject to interest rate, credit and illiquidity risk and are affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by economic, business or political developments and may be subject to provisions of litigation, bankruptcy and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">other laws affecting the rights and remedies of creditors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of the Fund to exercise a put or stand-by commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may depend on the seller’s ability to purchase the securities at the time the put or stand-by commitment is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the anticipated proceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from demand notes, including variable rate demand notes, the notes may not be fully repaid and the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0005
0.0017
0.0165
0.0319
0.0023
0.0132
0.0437
0.0134
0.0243
0.0426
0.0123
0.0234
0.0426
0.0122
0.0232
0.0385
0.0160
0.0244
0.0425
0.0080
0.0234
0.0518
0.0116
0.0227
Global Infrastructure Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term growth of capital and current income.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund's Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0085
0.0085
0.0085
0.0085
0.0085
0.0085
0.0025
0.0075
0
0
0
0
0.0037
0.0062
0.0037
0.0022
0.0037
0.0017
0.0147
0.0222
0.0122
0.0107
0.0122
0.0102
-0.0021
-0.0021
-0.0031
-0.0021
-0.0021
-0.0019
0.0126
0.0201
0.0091
0.0086
0.0101
0.0083
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
696
204
93
88
103
85
994
674
357
319
366
306
1313
1171
641
570
650
545
2214
2538
1450
1287
1459
1231
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">71</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.71
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of its net assets plus </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">borrowings for investment purposes in securities issued by companies that are engaged in the infrastructure business. A </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">company is considered to be engaged in the infrastructure business if it is included in one of the following Global </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Industry Classification Standard (“GICS”) sub-industries: Airport Services, Cable & Satellite, Construction & Engineering, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Data Center REITs, Electric Utilities, Environmental & Facilities Services, Gas Utilities, Health Care REITs, Highways & </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Railtracks, Independent Power Producers & Energy Traders, Industrial Conglomerates, Industrial REITs, Integrated </span></div><div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Telecommunication Services, Internet Services & Infrastructure, Marine Ports & Services, Multi-</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Utilities, Oil & Gas </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exploration & Production, Oil & Gas Storage & Transportation, Rail Transportation, Real Estate Development, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Renewable Electricity, Telecom Tower REITs or Water Utilities. Generally, infrastructure refers to the systems and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">networks of energy, transportation, communication and other services required for the normal function of society. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Infrastructure companies also include energy-related companies organized as master limited partnerships (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MLPs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">their affiliates. The Fund may invest a portion of its assets in securities of companies, known as real estate investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trusts (“REITs”), that own and/or manage properties. The Fund principally invests in equity securities, including common </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks, of infrastructure companies economically tied to a number of countries around the world, including the U.S., in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">globally diversified manner. The Fund may invest a significant portion of its assets in non-U.S. securities, including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging markets securities. The Fund considers emerging market countries to include every country in the world except </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Iceland, Ireland, Israel, Italy, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Kingdom and the United States. The Fund may invest in large, medium or small capitalization companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund's asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the Fund’s cash balances. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing its cash to the performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">enter into spot and forward currency contracts to facilitate settlement of securities transactions. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(“GDRs”). Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">further information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Investment Trusts (“REITs”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. REITs may be affected by changes in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">properties owned by the REITs and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a partnership) to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will decrease the Fund’s tax basis in its MLP investment and will therefore increase the amount of gain (or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease the amount of loss) that will be eventually recognized on the sale of such MLP investment. Distributions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from an MLP in excess of the Fund’s tax basis in the MLP will generally be treated as capital gain. Also, gain or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loss recognized on a disposition of an MLP equity security may be recharacterized as ordinary income to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">extent attributable to a deemed disposition of MLP assets subject to depreciation recapture or similar items, with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the amount of such ordinary income potentially exceeding the gain realized on the disposition or occurring even if </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">there is a net loss on the disposition. The tax treatment of taxable income allocated to the Fund each year by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MLPs will not be known until the Fund receives a schedule K-1 for that year with respect to each of its MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns reflect foreign tax credits passed by the Fund to its shareholders thereby increasing total returns after taxes on distributions and total returns after taxes on distributions and sale of Fund Shares. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.1268
0.0733
0.0732
0.1866
0.0782
0.0715
0.1992
0.0900
0.0830
0.2008
0.0908
0.0839
0.1987
0.0889
0.0821
0.1725
0.0698
0.0604
0.1333
0.0665
0.0608
0.2109
0.1215
0.1217
0.2154
0.1002
0.0847
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">S&P</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a registered trademark of Standard & Poor's Financial Services LLC.</span></div>
Global Real Estate Securities Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide current income and long term capital growth.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers. More information about these and other discounts is available from your financial professional and in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0080
0.0080
0.0080
0.0080
0.0080
0.0080
0.0025
0.0075
0
0
0
0
0.0037
0.0062
0.0037
0.0022
0.0037
0.0017
0.0142
0.0217
0.0117
0.0102
0.0117
0.0097
-0.0008
-0.0008
-0.0018
-0.0010
-0.0008
-0.0008
0.0134
0.0209
0.0099
0.0092
0.0109
0.0089
February 28, 2027
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
704
212
101
94
111
91
991
671
354
315
364
301
1300
1157
626
554
636
529
2173
2497
1404
1239
1413
1182
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio.</span></div>
0.67
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in real estate securities. The Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies (“real estate securities”) economically tied to a number of countries around the world, including the U.S., in a globally diversified manner. The Fund considers a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">company to be a real estate company if it is included in the Global Industry Classification Standard (“GICS”) real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sector. The Fund invests principally in securities of companies, known as real estate investment trusts (“REITs”) and other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">REIT-like entities that own interests in real estate or real estate-related loans. The Fund may also invest in equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities of other types of real estate-related companies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, such as real estate operating companies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A portion of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities are denominated in foreign currencies and are typically held outside the U.S. The Fund may invest a portion of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">its assets in equity securities of companies that are located in emerging markets. The Fund considers emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-manager approach. RIM may change the Fund’s asset allocation at any time. The Fund’s money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">For Fund assets not allocated to money manager strategies, RIM utilizes quantitative and/or rules-based processes </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the Fund’s cash balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the performance of certain real estate securities or, in certain circumstances, broad global equity markets by purchasing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity securities and/or derivatives, which typically include index futures contracts and swaps. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">derivative instruments and may use derivatives to take both long and short positions. The Fund may enter into spot or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">forward currency contracts to facilitate settlement of securities transactions. The Fund may invest in large, medium or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">small capitalization companies. Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information.</span></div>
The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in real estate securities.
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Industry Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. By concentrating in certain industries, the Fund carries much greater risk of adverse </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments in those industries than a fund that invests in a wide variety of industries.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social and regulatory conditions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in foreign countries. Non-U.S. securities may also be subject to risk of loss because of more or less foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government regulation, less public information and less stringent investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Emerging Markets Equity Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in emerging market equity securities can pose some risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from, and greater than, risks of investing in U.S. or developed markets equity securities. These risks include: a risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of loss due to political instability; exposure to economic structures that are generally less diverse and mature, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to political systems which may have less stability, than those of more developed countries; smaller market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization of securities markets, which may suffer periods of relative illiquidity (including as a result of a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in the number of market participants or transactions); significant price volatility; restrictions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">on foreign investment; possible difficulties in the repatriation of investment income and capital including as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result of the closure of securities markets in an emerging market country; and, generally, less stringent investor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">protection standards as compared with investments in U.S. or other developed market equity securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">reporting and record keeping and therefore, all material information may not be available or reliable. U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory authorities’ ability to enforce legal and/or regulatory obligations against individuals or entities, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholders’ ability to bring derivative litigation or otherwise enforce their legal rights, in emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">countries may be limited.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0191
0.0082
0.0245
0.0729
0.0126
0.0229
0.0848
0.0238
0.0341
0.0856
0.0245
0.0350
0.0857
0.0247
0.0352
0.0839
0.0228
0.0332
0.0716
0.0118
0.0170
0.0518
0.0141
0.0203
0.2109
0.1215
0.1217
0.0958
0.0276
0.0325
Multi-Strategy Income Fund
Investment Objective (Non-Fundamental)
The Fund seeks to provide a high level of current income and,
as a secondary objective, long-term capital growth.
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">282</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">286</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">365</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">33</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0053
0.0053
0.0053
0.0053
0.0053
0.0053
0.0025
0.0075
0
0
0
0
0.0042
0.0067
0.0042
0.0027
0.0042
0.0022
0.0120
0.0195
0.0095
0.0080
0.0095
0.0075
-0.0017
-0.0017
-0.0027
-0.0019
-0.0017
-0.0017
0.0103
0.0178
0.0068
0.0061
0.0078
0.0058
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
674
181
69
62
80
59
918
596
276
236
286
223
1181
1036
499
425
509
400
1932
2261
1142
972
1151
914
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">95</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
0.95
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund seeks to achieve its investment objective by principally investing in a range of diversified </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income-producing investments. The Fund will typically pursue strategies and invest in instruments which have historically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">produced a significant portion of their total return from income. The Fund may invest in a broad range of instruments, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">markets and asset classes economically tied to U.S., non-U.S. and emerging markets countries. The Fund’s target strategic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset allocation is 40% to global equity or equity-related securities or instruments, including equity securities of real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets-related companies, and 60% global fixed income or fixed income-related securities or instruments, including high </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">yield and emerging markets debt. However, the Fund is not required to allocate its investments in any set proportion and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM will dynamically manage the Fund’s asset allocation based on market conditions generally by up to plus/minus 10% </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from the Fund’s target strategic asset allocations. The Fund’s equity investments may include equity securities of real </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets-related companies, including real estate- and infrastructure-related companies. Real assets are broadly defined by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and are considered to include any assets that have physical properties, such as natural resources, real estate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and commodities. The Fund may also make investments for hedging purposes in order to address perceived </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">misalignment between the Fund’s investment exposures and current or anticipated market conditions. The Fund considers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Russell Investment Management, LLC (</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">) provides or oversees the provision of all investment advisory and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">RIM pursuant to a multi-asset, multi-manager approach. RIM may change the Fund’s asset allocation at any time. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund employs discretionary and non-discretionary money managers. The Fund’s discretionary money managers select the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">individual portfolio instruments for the assets assigned to them. The Fund’s non-discretionary money managers provide a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities for the Fund. RIM manages Fund assets not allocated to money manager strategies, and utilizes quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which provide the desired exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets for which the Fund’s non-discretionary money managers provide model portfolios to RIM and the Fund’s cash </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">balances.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in equity securities of issuers of any market capitalization which are economically tied to U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and non-U.S. countries, including emerging markets countries. These securities may include common stocks, preferred </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks, stocks of real assets-related companies, rights, warrants, convertible securities and depositary receipts. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in convertible securities may include contingent convertible securities. The Fund may invest in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure companies and master limited partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may also invest in fixed income securities of any credit quality and maturity, including fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities that are rated below investment grade (commonly referred to as “high yield” or “junk bonds”) and in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“distressed” debt securities. The Fund may also invest in (1) U.S. and non-U.S. corporate fixed income securities, (2) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities issued or guaranteed by the U.S. government (including Treasury Inflation Protected Securities) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and by non-U.S. governments, or by their respective agencies and instrumentalities, (3) emerging markets debt securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">(4) mortgage-backed securities and (5) asset-backed securities. The Fund may also invest in variable and floating rate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund may invest in demand notes. The Fund may purchase loans and other direct indebtedness, including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">bank loans (also called “leveraged loans”). The Fund may invest in currency futures and options on futures, forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">currency contracts and currency options for speculative purposes or to seek to protect a portion of its investments against </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adverse currency exchange rate changes. The Fund may enter into repurchase agreements and reverse repurchase </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreements.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; margin-left: 20pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in other investment companies and pooled investment vehicles.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">A portion of the Fund’s net assets may be “illiquid” investments.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may expose all or a portion of its cash to the performance of certain markets by purchasing equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, fixed income securities and/or derivatives, which typically include index futures contracts or exchange traded </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income futures contracts.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style is incorrect. Asset allocation decisions might also result in the Fund having more exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset classes, countries or regions, or industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund's investments in natural resources companies involve risks. The market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">natural resources related securities may be affected by numerous factors, including events occurring in nature, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inflationary pressures and international politics. The securities of natural resources companies may experience more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">price volatility than securities of companies in other industries. Rising interest rates and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment strategies employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, the Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Rights and Warrants.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Changes in the value of a right or a warrant do not necessarily correspond to changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of its underlying security. The price of a right or a warrant may be more volatile than the price of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying security, and a right or a warrant may offer greater potential for capital loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that the Fund could experience a reduced income rate and a worsened standing in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. The Fund may lose money if the market value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security transferred by the Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a partnership) to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will decrease the Fund’s tax basis in its MLP investment and will therefore increase the amount of gain (or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease the amount of loss) that will be eventually recognized on the sale of such MLP investment. Distributions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from an MLP in excess of the Fund’s tax basis in the MLP will generally be treated as capital gain. Also, gain or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loss recognized on a disposition of an MLP equity security may be recharacterized as ordinary income to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">extent attributable to a deemed disposition of MLP assets subject to depreciation recapture or similar items, with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the amount of such ordinary income potentially exceeding the gain realized on the disposition or occurring even if </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">there is a net loss on the disposition. The tax treatment of taxable income allocated to the Fund each year by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MLPs will not be known until the Fund receives a schedule K-1 for that year with respect to each of its MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of the Fund to exercise a put or stand-by commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may depend on the seller’s ability to purchase the securities at the time the put or stand-by commitment is </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the anticipated proceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from demand notes, including variable rate demand notes, the notes may not be fully repaid and the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. The Multi-Strategy Income Composite Index consists of 30% Bloomberg U.S. Aggregate Bond Index, 18% ICE BofA Global High Yield Index, 12% J.P. Morgan EMBI Global Diversified Index, 7% FTSE EPRA Nareit Developed Index and 33% MSCI ACWI High Dividend Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com. </span></div>
The Multi-Strategy Income Composite Index consists of 30% Bloomberg U.S. Aggregate Bond Index, 18% ICE BofA Global High Yield Index, 12% J.P. Morgan EMBI Global Diversified Index, 7% FTSE EPRA Nareit Developed Index and 33% MSCI ACWI High Dividend Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0712
0.0313
0.0428
0.1286
0.0358
0.0413
0.1393
0.0472
0.0525
0.1424
0.0485
0.0538
0.1394
0.0463
0.0516
0.1231
0.0283
0.0361
0.0841
0.0284
0.0340
0.0730
-0.0036
0.0201
0.1265
0.0386
0.0548
Multi-Asset Strategy Fund
Investment Objective (Non-Fundamental)
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide long term total return with lower volatility than equity markets.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers and Discounts, beginning on pages 282, 286 and 365, respectively, of the Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 33, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0072
0.0072
0.0072
0.0072
0.0072
0.0072
0.0025
0.0075
0
0
0
0
0.0036
0.0061
0.0036
0.0021
0.0036
0.0016
0.0133
0.0208
0.0108
0.0093
0.0108
0.0088
-0.0018
-0.0018
-0.0028
-0.0020
-0.0018
-0.0018
0.0115
0.0190
0.0080
0.0073
0.0090
0.0070
February 28, 2027
“Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements and permanent fee waivers. The calculation of costs for the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">remaining periods takes such contractual fee waivers and/or reimbursements into account only for the first year of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">periods and such permanent fee waivers into account for all periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
685
193
82
75
92
72
955
634
316
276
326
263
1246
1102
568
495
578
470
2070
2396
1292
1125
1301
1068
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">101</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its portfolio.</span></div>
1.01
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">In an effort to provide equity-like total return over a market cycle while mitigating downside risk and volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">relative to equities, Russell Investment Management, LLC (“RIM”) allocates the Fund’s assets across a broad range of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments, asset classes and strategies. To seek to achieve the Fund’s objective, RIM dynamically manages the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positioning based on RIM’s outlook on the business and economic cycle, relative market valuations and market sentiment. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">By evolving the Fund’s positioning away from sectors with higher relative valuations and towards those believed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">present more attractive opportunities, RIM attempts to reduce the Fund’s downside risk and enable the Fund to provide </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">long term total return from a diverse range of potential investments.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund’s target strategic asset allocation is 60% to global equity or equity-related securities or instruments, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including equity securities of real assets-related companies, and 40% global fixed income or fixed income-related </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities or instruments, including high yield debt. However, the Fund is not required to allocate its investments in any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">set proportion and RIM will dynamically manage the Fund’s asset allocation based on market conditions generally by up </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to plus/minus 10% from the Fund’s target strategic asset allocations.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund’s global equity investments span developed and emerging markets and may include equity securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">real assets-related companies, including real estate- and infrastructure-related companies. Real assets are broadly defined </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by the Fund and are considered to include any assets that have physical properties, such as natural resources, real estate, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and commodities. The Fund’s global fixed income investments may include government and corporate debt, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">U.S., non-U.S. and emerging markets debt, investment grade and high yield debt, and mortgage-backed and asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund’s fixed income portfolio is expected to include a significant allocation to return-seeking fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments. The Fund considers emerging market countries to include every country in the world except Australia, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">United States.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-asset, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">multi-manager approach. RIM may change a Fund's asset allocation at any time. The Fund employs discretionary and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-discretionary money managers. The Fund’s discretionary money managers select the individual portfolio instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">for the assets assigned to them. The Fund’s non-discretionary money managers provide a model portfolio to RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund assets for which the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-discretionary money managers provide model portfolios to RIM and the Fund’s cash balances. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in equity securities of issuers of any market capitalization which are economically tied to U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and non-U.S. markets, including emerging markets. These securities may include common stocks, preferred stocks, stocks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of real assets-related companies, rights, warrants, convertible securities and depositary receipts. The Fund’s investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">convertible securities may include contingent convertible securities. The Fund may invest in securities of companies, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">known as real estate investment trusts (“REITs”), that own and/or manage properties. The Fund may invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure companies and master limited partnerships (“MLPs”). Generally, infrastructure refers to the systems and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">networks of energy, transportation, communication and other services required for the normal function of society.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in fixed income securities of any credit quality and maturity, including fixed income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that are rated below investment grade (commonly referred to as “high yield” or “junk bonds”) and in “distressed” debt </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund may invest in (1) U.S. and non-U.S. corporate fixed income securities, (2) fixed income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued or guaranteed by the U.S. government (including Treasury Inflation Protected Securities) and by non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governments, or by their respective agencies and instrumentalities, (3) emerging markets debt securities, (4) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">mortgage-backed securities and (5) asset-backed securities. The Fund may also invest in variable and floating rate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. The Fund may purchase loans and other direct indebtedness, including bank loans (also called “leveraged </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loans”). The Fund may invest in currency futures and options on futures, forward currency contracts and currency options </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may enter into repurchase agreements and reverse repurchase agreements. The Fund may invest in money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market securities and commercial paper, including asset-backed commercial paper, and in bank obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund may invest in credit linked notes and credit options. The Fund may invest in synthetic foreign fixed income or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity securities, which may be referred to as international warrants, local access products, participation notes or low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">exercise price warrants. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capital appreciation of the underlying linked securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund’s use of derivatives may cause the Fund’s investment returns to be impacted by the performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities the Fund does not own and result in the Fund’s total investment exposure exceeding the value of its portfolio.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund may invest in other investment companies and pooled investment vehicles.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">A portion of the Fund’s net assets may be “illiquid” investments.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Depending upon market conditions, RIM may allocate a significant portion of the Fund's assets to cash in order to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">seek to achieve the Fund's objective. The Fund may expose all or a portion of its cash to changes in interest rates or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market/sector returns by purchasing derivatives.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Investment Objective and Investment Strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> section in the Fund's Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style is incorrect. Asset allocation decisions might also result in the Fund having more exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset classes, countries or regions, or industries or groups of industries that underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund's investments in natural resources companies involve risks. The market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">natural resources related securities may be affected by numerous factors, including events occurring in nature, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inflationary pressures and international politics. The securities of natural resources companies may experience more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">price volatility than securities of companies in other industries. Rising interest rates and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving the Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of the Fund’s securities, result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or achieving the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Fund’s losses may be greater if it invests in derivatives than if it invests only in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities. The use of derivative instruments involves risks different from, and possibly greater than, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risks associated with investing directly in equity or fixed income securities, currencies or other instruments. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market risk, credit </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment strategies employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, the Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Rights and Warrants.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Changes in the value of a right or a warrant do not necessarily correspond to changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value of its underlying security. The price of a right or a warrant may be more volatile than the price of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying security, and a right or a warrant may offer greater potential for capital loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that the Fund could experience a reduced income rate and a worsened standing in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. The Fund may lose money if the market value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security transferred by the Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a partnership) to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund will decrease the Fund’s tax basis in its MLP investment and will therefore increase the amount of gain (or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease the amount of loss) that will be eventually recognized on the sale of such MLP investment. Distributions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">from an MLP in excess of the Fund’s tax basis in the MLP will generally be treated as capital gain. Also, gain or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">loss recognized on a disposition of an MLP equity security may be recharacterized as ordinary income to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">extent attributable to a deemed disposition of MLP assets subject to depreciation recapture or similar items, with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the amount of such ordinary income potentially exceeding the gain realized on the disposition or occurring even if </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">there is a net loss on the disposition. The tax treatment of taxable income allocated to the Fund each year by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">MLPs will not be known until the Fund receives a schedule K-1 for that year with respect to each of its MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of the Fund that is managed pursuant to model </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolios provided by non-discretionary money managers, it is expected that trades will be effected on a periodic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">basis and therefore less frequently than would typically be the case if discretionary money managers were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">employed. Given that values of investments change with market conditions, this could cause the Fund's return to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">be lower than if the Fund employed discretionary money managers with respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Fund may be used as an investment by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">certain funds of funds and in asset allocation programs and may have a large percentage of its Shares owned by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">such funds or held in such programs. Large redemption activity could result in the Fund incurring additional costs </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and being forced to sell portfolio securities at a loss to meet redemptions. Large redemptions may also result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, higher Fund cash levels, higher brokerage commissions and other transaction costs, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">negative consequences such as reduced liquidity in the Fund’s portfolio. As a result, large redemption activity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could adversely affect the Fund’s ability to conduct its investment program which, in turn, could adversely impact </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s performance or may result in the Fund no longer remaining at an economically viable size, in which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">case the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations). The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the returns shown in the bar chart, depending upon the fees and expenses of those Classes. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies from year to year over a 10-year period (or if the Fund has not been in operation for 10 years, since the beginning of the Fund’s operations).
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. The Multi-Asset Strategy Composite Index consists of 20% Bloomberg U.S. Aggregate Bond Index, 20% ICE BofA Global High Yield Index, 55% MSCI ACWI Index and 5% FTSE EPRA Nareit Developed Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown only for one class. The after-tax returns for other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The Multi-Asset Strategy Composite Index consists of 20% Bloomberg U.S. Aggregate Bond Index, 20% ICE BofA Global High Yield Index, 55% MSCI ACWI Index and 5% FTSE EPRA Nareit Developed Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown only for one class. The after-tax returns for other classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
2017-03-07
2017-03-07
2017-03-07
2017-03-07
2017-03-07
2017-03-07
2017-03-07
2017-03-07
2017-03-07
0.1035
0.0473
0.0410
0.1616
0.0518
0.0404
0.1747
0.0636
0.0515
0.1745
0.0644
0.0524
0.1739
0.0626
0.0505
0.1584
0.0495
0.0400
0.1077
0.0438
0.0357
0.1737
0.1359
0.1443
0.1584
0.0710
0.0813
Conservative Strategy Fund
Investment Objective
The Fund seeks to provide current income and capital preservation,
and as a secondary objective, long term capital appreciation.
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and the More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers And Discounts, beginning on pages 99, 102 and 130, respectively of the Prospectus, and the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 20, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0017
0.0017
0.0017
0.0017
0.0017
0.0017
0.0025
0.0075
0
0
0.0050
0
0.0053
0.0078
0.0053
0.0053
0.0053
0.0053
0.0047
0.0047
0.0047
0.0047
0.0047
0.0047
0.0142
0.0217
0.0117
0.0117
0.0167
0.0117
-0.0041
-0.0041
-0.0043
-0.0048
-0.0048
-0.0035
0.0101
0.0176
0.0074
0.0069
0.0119
0.0082
February 28, 2027
“Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.”
“Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
672
179
76
70
121
84
960
640
329
324
480
337
1270
1127
602
597
862
610
2146
2471
1382
1378
1936
1389
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’ performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.</span></div>
0.22
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Investment Company (“RIC”) funds (the “Underlying Funds”). Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination of Underlying Funds to result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment diversification that an investor could otherwise achieve only by holding numerous individual investments. You </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest directly in the Underlying Funds in which the Fund invests. The Fund’s approximate target strategic asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocation as of March 1, 2026 is 14.5% to equity, 75.5% to fixed income, 8% to multi-asset and 2% to alternative asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that differ from those of traditional broad market equity or fixed income funds. The Multifactor U.S. Equity, Multifactor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Equity and Long Duration Bond Underlying Funds are managed directly by RIM, the Fund's investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adviser. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds are allocated to the strategies of different unaffiliated money managers. RIM considers this Fund to be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conservative</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> fund due to its investment objective and asset allocation to fixed income Underlying Funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM evaluates the Fund’s target strategic asset allocation on a periodic basis relative to peer allocations, current </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, RIM’s capital markets forecasts and RIM’s desired asset class exposures. Based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">considerations, RIM may change (i) the Fund’s target strategic asset allocation by up to +/- 5% at the equity, fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income, multi-asset or alternative asset class level and (ii) the Underlying Funds in which the Fund invests. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual asset allocation may vary from the target strategic asset allocation at any point in time due to market movements </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or the implementation over a period of time of a change to the Fund’s target strategic asset allocation. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed without </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholder notice or approval.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Investing in Affiliated Underlying Funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The assets of the Fund are invested in Shares of the Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and the investment performance of the Fund is directly related to the investment performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds in which it invests. RIM is the investment adviser for both the Fund and the Underlying Funds and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities may be downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of an Underlying Fund’s securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio instruments or achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause an Underlying Fund to realize a loss on the investment if it was sold at a lower price than that at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it had been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective, the value of investments will change with market conditions, and so will the value of any investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and/or Underlying Funds and you could lose money. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Underlying Funds. If the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs are not predictive or qualitative assessments are incorrect, the Underlying Funds may underperform. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, baskets of securities or instruments selected for an Underlying Fund’s portfolio may not perform as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the Underlying Fund's money managers expect and security or instrument selection risk may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds to underperform relative to other funds with similar investment objectives and strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exposure tilts may be ineffective and RIM’s judgments regarding perceived market risks and opportunities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect. There is no guarantee that RIM will effectively assess an Underlying Fund’s portfolio characteristics and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it is possible that its judgments regarding an Underlying Fund’s exposures may be incorrect. In addition, actions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taken to manage Underlying Fund exposures, including risk, may be ineffective and/or cause the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to an Underlying Fund’s exposures. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Securities selected using quantitative analysis may perform differently than analysis of their historical trends would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">suggest. Inputs or models may be flawed or not work as anticipated and may cause an Underlying Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform other funds with similar investment objectives and strategies.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Underlying Fund’s losses may be greater if it invests in derivatives than if it invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">only in conventional securities. The use of derivative instruments involves risks different from, and possibly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Underlying Fund exposures, may cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's returns to be lower than if an Underlying Fund employed a fundamental investment approach </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“tracking error” risk, which is the risk that the performance of the portion of an Underlying Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">utilizing an index-based strategy will differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Underlying Fund to underperform other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds with similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. An Underlying Fund may lose money if the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the security transferred by an Underlying Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund's investments in natural resources companies involve risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of natural resources related securities may be affected by numerous factors, including events </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurring in nature, inflationary pressures and international politics. The securities of natural resources companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may experience more price volatility than securities of companies in other industries. Rising interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general economic conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that an Underlying Fund could experience a reduced income rate and a worsened </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">standing in the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may be susceptible to adverse economic or regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurrences affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments may affect the value of the Underlying Fund’s investments more than if the Underlying Fund were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not invested to such a degree in this sector. Companies in the financial services sector may be particularly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that an Underlying Fund invests significantly in the information </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology sector, an Underlying Fund will be sensitive to changes in, and an Underlying Fund’s performance may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depend to a greater extent on, the overall condition of the information technology sector. Companies in the </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology sector can be significantly affected by short product cycles, obsolescence of existing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market entrants, government regulation and other factors.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of an Underlying Fund to exercise a put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment may depend on the seller’s ability to purchase the securities at the time the put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and an Underlying Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs being </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">treated as partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership) to an Underlying Fund will decrease the Underlying Fund’s tax basis in its MLP investment and will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore increase the amount of gain (or decrease the amount of loss) that will be eventually recognized on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale of such MLP investment. Distributions from an MLP in excess of an Underlying Fund’s tax basis in the MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will generally be treated as capital gain. Also, gain or loss recognized on a disposition of an MLP equity security </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be recharacterized as ordinary income to the extent attributable to a deemed disposition of MLP assets subject </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to depreciation recapture or similar items, with the amount of such ordinary income potentially exceeding the gain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized on the disposition or occurring even if there is a net loss on the disposition. The tax treatment of taxable </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income allocated to an Underlying Fund each year by the MLPs will not be known until the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">receives a schedule K-1 for that year with respect to each of its MLP investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Positions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund will incur a loss as a result of a short position if the price of the shorted </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security increases over the tenor of the short position. Short positions may give rise to a form of leverage. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither an Underlying Fund nor RIM can offer any assurance that the asset allocation of an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund will achieve the Underlying Fund’s investment objective. Nor can an Underlying Fund or RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offer assurance that a recommended allocation will be the appropriate allocation in all circumstances for every </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor. The value of your investment may decrease if RIM’s judgment about the attractiveness, value or market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trends affecting a particular asset class or investment style is incorrect. Asset allocation decisions might also result </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in an Underlying Fund having more exposure to asset classes, countries or regions, or industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Underlying Funds may be used </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as investments by certain funds of funds and in asset allocation programs and may have a large percentage of their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares owned by such funds or held in such programs. Large redemption activity could result in an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to an Underlying Fund’s portfolio securities, higher Underlying Fund cash levels, higher brokerage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commissions and other transaction costs, among other negative consequences such as reduced liquidity in an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s portfolio. As a result, large redemption activity could adversely affect an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ability to conduct its investment program which, in turn, could adversely impact an Underlying Fund's and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s performance or may result in an Underlying Fund and/or the Fund no longer remaining at an economically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">viable size, in which case an Underlying Fund and/or the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may engage in active and frequent trading, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally be taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of an Underlying Fund that is managed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers were employed. Given that values of investments change with market conditions, this could cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's return to be lower than if the Underlying Fund employed discretionary money managers with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in an Underlying Fund, like any fund, can involve </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operational risks. In addition, other disruptive events may adversely affect an Underlying Fund’s ability to conduct </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business. While the Underlying Funds seek to minimize such risks and events through controls and oversight, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including business continuity plans and risk management systems, there may still be events or failures that could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause losses to an Underlying Fund. In addition, the Underlying Funds may be susceptible to operational risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. An Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the Class S returns shown in the bar chart, depending upon the fees and expenses of that Class. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Conservative Strategy Linked Composite Index represents the returns of a composite index comprised of 12% Russell 3000® Index, 6% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 1% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 65% Bloomberg U.S. Aggregate Bond Index and 16% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is</span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For information regarding the composition of the Conservative Strategy Linked Composite Index prior to September 25, 2025, see the Performance Notes section in the Fund's Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
Beginning September 25, 2025, the Conservative Strategy Linked Composite Index represents the returns of a composite index comprised of 12% Russell 3000® Index, 6% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 1% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 65% Bloomberg U.S. Aggregate Bond Index and 16% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes isrepresentative of the investment strategies pursued by the Fund.
After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returnsfor the periods ended December 31, 2025
0.0297
0.0043
0.0247
0.0836
0.0088
0.0231
0.0943
0.0182
0.0329
0.0955
0.0193
0.0342
0.0893
0.0146
0.0291
0.0943
0.0182
0.0329
0.0776
0.0056
0.0205
0.0566
0.0096
0.0212
0.0758
0.0006
0.0244
0.0999
0.0254
0.0451
Moderate Strategy Fund
Investment Objective
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide current income and moderate long term capital appreciation.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and the More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers And Discounts, beginning on pages 99, 102 and 130, respectively of the Prospectus, and the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 20, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0017
0.0017
0.0017
0.0017
0.0017
0.0017
0.0025
0.0075
0
0
0.0050
0
0.0040
0.0065
0.0040
0.0040
0.0040
0.0040
0.0054
0.0054
0.0054
0.0054
0.0054
0.0054
0.0136
0.0211
0.0111
0.0111
0.0161
0.0111
-0.0032
-0.0032
-0.0034
-0.0032
-0.0032
-0.0024
0.0104
0.0179
0.0077
0.0079
0.0129
0.0087
February 28, 2027
“Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.”
“Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
675
182
79
81
131
89
951
630
319
321
477
329
1248
1105
579
581
846
588
2090
2416
1321
1323
1884
1330
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’ </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">21</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.</span></div>
0.21
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Investment Company (“RIC”) funds (the “Underlying Funds”). Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination of Underlying Funds to result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment diversification that an investor could otherwise achieve only by holding numerous individual investments. You </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest directly in the Underlying Funds in which the Fund invests. The Fund’s approximate target strategic asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocation as of March 1, 2026 is 36% to equity, 54% to fixed income, 8% to multi-asset and 2% to alternative asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that differ from those of traditional broad market equity or fixed income funds. The Multifactor U.S. Equity, Multifactor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Equity and Long Duration Bond Underlying Funds are managed directly by RIM, the Fund's investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adviser. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds are allocated to the strategies of different unaffiliated money managers. RIM considers this Fund to be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">moderate</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> fund due to its investment objective and asset allocation to fixed income and equity Underlying Funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM evaluates the Fund’s target strategic asset allocation on a periodic basis relative to peer allocations, current </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, RIM’s capital markets forecasts and RIM’s desired asset class exposures. Based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">considerations, RIM may change (i) the Fund’s target strategic asset allocation by up to +/- 5% at the equity, fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income, multi-asset or alternative asset class level and (ii) the Underlying Funds in which the Fund invests. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual asset allocation may vary from the target strategic asset allocation at any point in time due to market movements </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or the implementation over a period of time of a change to the Fund’s target strategic asset allocation. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed without </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholder notice or approval.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Investing in Affiliated Underlying Funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The assets of the Fund are invested in Shares of the Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and the investment performance of the Fund is directly related to the investment performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds in which it invests. RIM is the investment adviser for both the Fund and the Underlying Funds and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities may be downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of an Underlying Fund’s securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio instruments or achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause an Underlying Fund to realize a loss on the investment if it was sold at a lower price than that at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it had been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective, the value of investments will change with market conditions, and so will the value of any investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and/or Underlying Funds and you could lose money. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Underlying Funds. If the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs are not predictive or qualitative assessments are incorrect, the Underlying Funds may underperform. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, baskets of securities or instruments selected for an Underlying Fund’s portfolio may not perform as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the Underlying Fund's money managers expect and security or instrument selection risk may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds to underperform relative to other funds with similar investment objectives and strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exposure tilts may be ineffective and RIM’s judgments regarding perceived market risks and opportunities may be </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect. There is no guarantee that RIM will effectively assess an Underlying Fund’s portfolio characteristics and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it is possible that its judgments regarding an Underlying Fund’s exposures may be incorrect. In addition, actions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taken to manage Underlying Fund exposures, including risk, may be ineffective and/or cause the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to underperform.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to an Underlying Fund’s exposures. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Securities selected using quantitative analysis may perform differently than analysis of their historical trends would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">suggest. Inputs or models may be flawed or not work as anticipated and may cause an Underlying Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform other funds with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Underlying Fund’s losses may be greater if it invests in derivatives than if it invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">only in conventional securities. The use of derivative instruments involves risks different from, and possibly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Underlying Fund exposures, may cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's returns to be lower than if an Underlying Fund employed a fundamental investment approach </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“tracking error” risk, which is the risk that the performance of the portion of an Underlying Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">utilizing an index-based strategy will differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Underlying Fund to underperform other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds with similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. An Underlying Fund may lose money if the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the security transferred by an Underlying Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund's investments in natural resources companies involve risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of natural resources related securities may be affected by numerous factors, including events </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurring in nature, inflationary pressures and international politics. The securities of natural resources companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may experience more price volatility than securities of companies in other industries. Rising interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general economic conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that an Underlying Fund could experience a reduced income rate and a worsened </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">standing in the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may be susceptible to adverse economic or regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurrences affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments may affect the value of the Underlying Fund’s investments more than if the Underlying Fund were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not invested to such a degree in this sector. Companies in the financial services sector may be particularly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that an Underlying Fund invests significantly in the information </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology sector, an Underlying Fund will be sensitive to changes in, and an Underlying Fund’s performance may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depend to a greater extent on, the overall condition of the information technology sector. Companies in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology sector can be significantly affected by short product cycles, obsolescence of existing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market entrants, government regulation and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of an Underlying Fund to exercise a put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment may depend on the seller’s ability to purchase the securities at the time the put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and an Underlying Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs being </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">treated as partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership) to an Underlying Fund will decrease the Underlying Fund’s tax basis in its MLP investment and will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore increase the amount of gain (or decrease the amount of loss) that will be eventually recognized on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale of such MLP investment. Distributions from an MLP in excess of an Underlying Fund’s tax basis in the MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will generally be treated as capital gain. Also, gain or loss recognized on a disposition of an MLP equity security </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be recharacterized as ordinary income to the extent attributable to a deemed disposition of MLP assets subject </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to depreciation recapture or similar items, with the amount of such ordinary income potentially exceeding the gain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized on the disposition or occurring even if there is a net loss on the disposition. The tax treatment of taxable </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income allocated to an Underlying Fund each year by the MLPs will not be known until the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">receives a schedule K-1 for that year with respect to each of its MLP investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Positions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund will incur a loss as a result of a short position if the price of the shorted </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security increases over the tenor of the short position. Short positions may give rise to a form of leverage. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither an Underlying Fund nor RIM can offer any assurance that the asset allocation of an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund will achieve the Underlying Fund’s investment objective. Nor can an Underlying Fund or RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offer assurance that a recommended allocation will be the appropriate allocation in all circumstances for every </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor. The value of your investment may decrease if RIM’s judgment about the attractiveness, value or market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trends affecting a particular asset class or investment style is incorrect. Asset allocation decisions might also result </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in an Underlying Fund having more exposure to asset classes, countries or regions, or industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Underlying Funds may be used </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as investments by certain funds of funds and in asset allocation programs and may have a large percentage of their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares owned by such funds or held in such programs. Large redemption activity could result in an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to an Underlying Fund’s portfolio securities, higher Underlying Fund cash levels, higher brokerage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commissions and other transaction costs, among other negative consequences such as reduced liquidity in an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s portfolio. As a result, large redemption activity could adversely affect an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ability to conduct its investment program which, in turn, could adversely impact an Underlying Fund's and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s performance or may result in an Underlying Fund and/or the Fund no longer remaining at an economically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">viable size, in which case an Underlying Fund and/or the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may engage in active and frequent trading, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally be taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of an Underlying Fund that is managed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers were employed. Given that values of investments change with market conditions, this could cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's return to be lower than if the Underlying Fund employed discretionary money managers with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in an Underlying Fund, like any fund, can involve </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operational risks. In addition, other disruptive events may adversely affect an Underlying Fund’s ability to conduct </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business. While the Underlying Funds seek to minimize such risks and events through controls and oversight, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including business continuity plans and risk management systems, there may still be events or failures that could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause losses to an Underlying Fund. In addition, the Underlying Funds may be susceptible to operational risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. An Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the Class S returns shown in the bar chart, depending upon the fees and expenses of that Class. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Moderate Strategy Linked Composite Index represents the returns of a composite index comprised of 25% Russell 3000® Index, 13% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 2% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 48% Bloomberg U.S. Aggregate Bond Index and 12% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For information regarding the composition of the Moderate Strategy Linked Composite Index prior to September 25, 2025, see the Performance Notes section in the Fund's Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark inthe table is the Fund's secondary benchmark. Beginning September 25, 2025, the Moderate Strategy Linked Composite Index represents the returns of a composite index comprised of 25% Russell 3000® Index, 13% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 2% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 48% Bloomberg U.S. Aggregate Bond Index and 12% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0574
0.0291
0.0395
0.1143
0.0335
0.0378
0.1245
0.0431
0.0474
0.1248
0.0438
0.0483
0.1187
0.0386
0.0430
0.1245
0.0431
0.0474
0.1102
0.0297
0.0338
0.0749
0.0294
0.0329
0.0758
0.0006
0.0244
0.1288
0.0480
0.0645
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Balanced Strategy Fund
Investment Objective
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide above average long term capital appreciation and a moderate level of current income.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and the More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers And Discounts, beginning on pages 99, 102 and 130, respectively of the Prospectus, and the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 20, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0017
0.0017
0.0017
0.0017
0.0017
0.0017
0.0025
0.0075
0
0
0.0050
0
0.0028
0.0053
0.0028
0.0028
0.0028
0.0028
0.0061
0.0061
0.0061
0.0061
0.0061
0.0061
0.0131
0.0206
0.0106
0.0106
0.0156
0.0106
-0.0017
-0.0017
-0.0017
-0.0013
-0.0013
-0.0007
0.0114
0.0189
0.0089
0.0093
0.0143
0.0099
February 28, 2027
“Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2025 but did not reflect a full year of waiver.
“Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
685
192
91
95
146
101
951
629
320
324
480
330
1237
1093
568
572
838
578
2049
2376
1279
1282
1845
1288
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’ </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">25</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.</span></div>
0.25
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Investment Company (“RIC”) funds (the “Underlying Funds”). Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination of Underlying Funds to result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment diversification that an investor could otherwise achieve only by holding numerous individual investments. You </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest directly in the Underlying Funds in which the Fund invests. The Fund’s approximate target strategic asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocation as of March 1, 2026 is 55% to equity, 33% to fixed income, 8% to multi-asset and 4% to alternative asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that differ from those of traditional broad market equity or fixed income funds. The Multifactor U.S. Equity, Multifactor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Equity and Long Duration Bond Underlying Funds are managed directly by RIM, the Fund's investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adviser. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds are allocated to the strategies of different unaffiliated money managers. RIM considers this Fund to be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">balanced</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> fund due to its investment objective and asset allocation to equity and fixed income Underlying Funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM evaluates the Fund’s target strategic asset allocation on a periodic basis relative to peer allocations, current </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, RIM’s capital markets forecasts and RIM’s desired asset class exposures. Based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">considerations, RIM may change (i) the Fund’s target strategic asset allocation by up to +/- 5% at the equity, fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income, multi-asset or alternative asset class level and (ii) the Underlying Funds in which the Fund invests. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual asset allocation may vary from the target strategic asset allocation at any point in time due to market movements </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or the implementation over a period of time of a change to the Fund’s target strategic asset allocation. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed without </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholder notice or approval.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Investing in Affiliated Underlying Funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The assets of the Fund are invested in Shares of the Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and the investment performance of the Fund is directly related to the investment performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds in which it invests. RIM is the investment adviser for both the Fund and the Underlying Funds and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span></div> </div> <div style="clear: both; position: relative;"> </div> </div><div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities may be downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of an Underlying Fund’s securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio instruments or achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause an Underlying Fund to realize a loss on the investment if it was sold at a lower price than that at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it had been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective, the value of investments will change with market conditions, and so will the value of any investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and/or Underlying Funds and you could lose money. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Underlying Funds. If the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs are not predictive or qualitative assessments are incorrect, the Underlying Funds may underperform. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, baskets of securities or instruments selected for an Underlying Fund’s portfolio may not perform as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the Underlying Fund's money managers expect and security or instrument selection risk may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds to underperform relative to other funds with similar investment objectives and strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exposure tilts may be ineffective and RIM’s judgments regarding perceived market risks and opportunities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect. There is no guarantee that RIM will effectively assess an Underlying Fund’s portfolio characteristics and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it is possible that its judgments regarding an Underlying Fund’s exposures may be incorrect. In addition, actions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taken to manage Underlying Fund exposures, including risk, may be ineffective and/or cause the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to an Underlying Fund’s exposures. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Securities selected using quantitative analysis may perform differently than analysis of their historical trends would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">suggest. Inputs or models may be flawed or not work as anticipated and may cause an Underlying Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform other funds with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Underlying Fund’s losses may be greater if it invests in derivatives than if it invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">only in conventional securities. The use of derivative instruments involves risks different from, and possibly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Underlying Fund exposures, may cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's returns to be lower than if an Underlying Fund employed a fundamental investment approach </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“tracking error” risk, which is the risk that the performance of the portion of an Underlying Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">utilizing an index-based strategy will differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Underlying Fund to underperform other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds with similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. An Underlying Fund may lose money if the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the security transferred by an Underlying Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund's investments in natural resources companies involve risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of natural resources related securities may be affected by numerous factors, including events </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurring in nature, inflationary pressures and international politics. The securities of natural resources companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may experience more price volatility than securities of companies in other industries. Rising interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general economic conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that an Underlying Fund could experience a reduced income rate and a worsened </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">standing in the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may be susceptible to adverse economic or regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurrences affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments may affect the value of the Underlying Fund’s investments more than if the Underlying Fund were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not invested to such a degree in this sector. Companies in the financial services sector may be particularly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that an Underlying Fund invests significantly in the information </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology sector, an Underlying Fund will be sensitive to changes in, and an Underlying Fund’s performance may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depend to a greater extent on, the overall condition of the information technology sector. Companies in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology sector can be significantly affected by short product cycles, obsolescence of existing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market entrants, government regulation and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of an Underlying Fund to exercise a put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment may depend on the seller’s ability to purchase the securities at the time the put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and an Underlying Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs being </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">treated as partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership) to an Underlying Fund will decrease the Underlying Fund’s tax basis in its MLP investment and will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore increase the amount of gain (or decrease the amount of loss) that will be eventually recognized on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale of such MLP investment. Distributions from an MLP in excess of an Underlying Fund’s tax basis in the MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will generally be treated as capital gain. Also, gain or loss recognized on a disposition of an MLP equity security </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be recharacterized as ordinary income to the extent attributable to a deemed disposition of MLP assets subject </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to depreciation recapture or similar items, with the amount of such ordinary income potentially exceeding the gain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized on the disposition or occurring even if there is a net loss on the disposition. The tax treatment of taxable </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income allocated to an Underlying Fund each year by the MLPs will not be known until the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">receives a schedule K-1 for that year with respect to each of its MLP investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Positions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund will incur a loss as a result of a short position if the price of the shorted </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security increases over the tenor of the short position. Short positions may give rise to a form of leverage. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither an Underlying Fund nor RIM can offer any assurance that the asset allocation of an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund will achieve the Underlying Fund’s investment objective. Nor can an Underlying Fund or RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offer assurance that a recommended allocation will be the appropriate allocation in all circumstances for every </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor. The value of your investment may decrease if RIM’s judgment about the attractiveness, value or market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trends affecting a particular asset class or investment style is incorrect. Asset allocation decisions might also result </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in an Underlying Fund having more exposure to asset classes, countries or regions, or industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Underlying Funds may be used </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as investments by certain funds of funds and in asset allocation programs and may have a large percentage of their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares owned by such funds or held in such programs. Large redemption activity could result in an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to an Underlying Fund’s portfolio securities, higher Underlying Fund cash levels, higher brokerage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commissions and other transaction costs, among other negative consequences such as reduced liquidity in an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s portfolio. As a result, large redemption activity could adversely affect an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ability to conduct its investment program which, in turn, could adversely impact an Underlying Fund's and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s performance or may result in an Underlying Fund and/or the Fund no longer remaining at an economically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">viable size, in which case an Underlying Fund and/or the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may engage in active and frequent trading, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally be taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of an Underlying Fund that is managed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers were employed. Given that values of investments change with market conditions, this could cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's return to be lower than if the Underlying Fund employed discretionary money managers with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in an Underlying Fund, like any fund, can involve </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operational risks. In addition, other disruptive events may adversely affect an Underlying Fund’s ability to conduct </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business. While the Underlying Funds seek to minimize such risks and events through controls and oversight, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including business continuity plans and risk management systems, there may still be events or failures that could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause losses to an Underlying Fund. In addition, the Underlying Funds may be susceptible to operational risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. An Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the Class S returns shown in the bar chart, depending upon the fees and expenses of that Class. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Balanced Strategy Linked Composite Index represents the returns of a composite index comprised of 38% Russell 3000® Index, 20% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 3% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 31% Bloomberg U.S. Aggregate Bond Index and 8% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For information regarding the composition of the Balanced Strategy Linked Composite Index prior to September 25, 2025, see the Performance Notes section in the Fund's Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Balanced Strategy Linked Composite Index represents the returns of a composite index comprised of 38% Russell 3000® Index, 20% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 3% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 31% Bloomberg U.S. Aggregate Bond Index and 8% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.0836
0.0534
0.0567
0.1413
0.0578
0.0550
0.1526
0.0676
0.0646
0.1527
0.0681
0.0652
0.1463
0.0628
0.0599
0.1526
0.0676
0.0646
0.1298
0.0513
0.0492
0.0998
0.0494
0.0473
0.2234
0.1119
0.1172
0.1594
0.0701
0.0831
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.</span></div>
Aggressive Strategy Fund
Investment Objective
The Fund seeks to provide high long term capital appreciation,
and as a secondary objective, current income.
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and the More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers And Discounts, beginning on pages 99, 102 and 130, </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respectively of the Prospectus, and the Purchase, Exchange and Redemption of Fund Shares section, beginning on page </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">20</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0017
0.0017
0.0017
0.0017
0.0017
0.0017
0.0025
0.0075
0
0
0.0050
0
0.0029
0.0054
0.0029
0.0029
0.0029
0.0029
0.0068
0.0068
0.0068
0.0068
0.0068
0.0068
0.0139
0.0214
0.0114
0.0114
0.0164
0.0114
-0.0013
-0.0013
-0.0023
-0.0018
-0.0018
-0.0013
0.0126
0.0201
0.0091
0.0096
0.0146
0.0101
February 28, 2027
“Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.”
“Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
696
204
93
98
149
103
978
657
339
344
500
349
1280
1137
605
610
875
615
2137
2462
1366
1370
1929
1374
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’ </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">26</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">% of the average value of its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.</span></div>
0.26
Investments, Risks and Performance Principal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Investment Company (“RIC”) funds (the “Underlying Funds”). Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination of Underlying Funds to result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment diversification that an investor could otherwise achieve only by holding numerous individual investments. You </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest directly in the Underlying Funds in which the Fund invests. The Fund’s approximate target strategic asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocation as of March 1, 2026 is 72.5% to equity, 14.5% to fixed income, 8% to multi-asset and 5% to alternative asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that differ from those of traditional broad market equity or fixed income funds. The Multifactor U.S. Equity, Multifactor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Equity and Long Duration Bond Underlying Funds are managed directly by RIM, the Fund's investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adviser. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds are allocated to the strategies of different unaffiliated money managers. RIM considers this Fund to be an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">aggressive</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> fund due to its investment objective and asset allocation to equity and alternative Underlying Funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM evaluates the Fund’s target strategic asset allocation on a periodic basis relative to peer allocations, current </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, RIM’s capital markets forecasts and RIM’s desired asset class exposures. Based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">considerations, RIM may change (i) the Fund’s target strategic asset allocation by up to +/- 5% at the equity, fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income, multi-asset or alternative asset class level and (ii) the Underlying Funds in which the Fund invests. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual asset allocation may vary from the target strategic asset allocation at any point in time due to market movements </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or the implementation over a period of time of a change to the Fund’s target strategic asset allocation. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed without </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholder notice or approval.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Investing in Affiliated Underlying Funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The assets of the Fund are invested in Shares of the Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and the investment performance of the Fund is directly related to the investment performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds in which it invests. RIM is the investment adviser for both the Fund and the Underlying Funds and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities may be downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of an Underlying Fund’s securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio instruments or achieving an Underlying Fund’s objective.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause an Underlying Fund to realize a loss on the investment if it was sold at a lower price than that at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it had been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective, the value of investments will change with market conditions, and so will the value of any investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and/or Underlying Funds and you could lose money. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Underlying Funds. If the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs are not predictive or qualitative assessments are incorrect, the Underlying Funds may underperform. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, baskets of securities or instruments selected for an Underlying Fund’s portfolio may not perform as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the Underlying Fund's money managers expect and security or instrument selection risk may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds to underperform relative to other funds with similar investment objectives and strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exposure tilts may be ineffective and RIM’s judgments regarding perceived market risks and opportunities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect. There is no guarantee that RIM will effectively assess an Underlying Fund’s portfolio characteristics and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it is possible that its judgments regarding an Underlying Fund’s exposures may be incorrect. In addition, actions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taken to manage Underlying Fund exposures, including risk, may be ineffective and/or cause the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to an Underlying Fund’s exposures. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Securities selected using quantitative analysis may perform differently than analysis of their historical trends would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">suggest. Inputs or models may be flawed or not work as anticipated and may cause an Underlying Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform other funds with similar investment objectives and strategies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Underlying Fund’s losses may be greater if it invests in derivatives than if it invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">only in conventional securities. The use of derivative instruments involves risks different from, and possibly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Underlying Fund exposures, may cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's returns to be lower than if an Underlying Fund employed a fundamental investment approach </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“tracking error” risk, which is the risk that the performance of the portion of an Underlying Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">utilizing an index-based strategy will differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Underlying Fund to underperform other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds with similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. An Underlying Fund may lose money if the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the security transferred by an Underlying Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund's investments in natural resources companies involve risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of natural resources related securities may be affected by numerous factors, including events </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurring in nature, inflationary pressures and international politics. The securities of natural resources companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may experience more price volatility than securities of companies in other industries. Rising interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general economic conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that an Underlying Fund could experience a reduced income rate and a worsened </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">standing in the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may be susceptible to adverse economic or regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurrences affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments may affect the value of the Underlying Fund’s investments more than if the Underlying Fund were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not invested to such a degree in this sector. Companies in the financial services sector may be particularly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that an Underlying Fund invests significantly in the information </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology sector, an Underlying Fund will be sensitive to changes in, and an Underlying Fund’s performance may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depend to a greater extent on, the overall condition of the information technology sector. Companies in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology sector can be significantly affected by short product cycles, obsolescence of existing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market entrants, government regulation and other factors.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of an Underlying Fund to exercise a put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment may depend on the seller’s ability to purchase the securities at the time the put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and an Underlying Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs being </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">treated as partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership) to an Underlying Fund will decrease the Underlying Fund’s tax basis in its MLP investment and will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore increase the amount of gain (or decrease the amount of loss) that will be eventually recognized on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale of such MLP investment. Distributions from an MLP in excess of an Underlying Fund’s tax basis in the MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will generally be treated as capital gain. Also, gain or loss recognized on a disposition of an MLP equity security </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be recharacterized as ordinary income to the extent attributable to a deemed disposition of MLP assets subject </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to depreciation recapture or similar items, with the amount of such ordinary income potentially exceeding the gain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized on the disposition or occurring even if there is a net loss on the disposition. The tax treatment of taxable </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income allocated to an Underlying Fund each year by the MLPs will not be known until the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">receives a schedule K-1 for that year with respect to each of its MLP investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Positions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund will incur a loss as a result of a short position if the price of the shorted </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security increases over the tenor of the short position. Short positions may give rise to a form of leverage. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither an Underlying Fund nor RIM can offer any assurance that the asset allocation of an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund will achieve the Underlying Fund’s investment objective. Nor can an Underlying Fund or RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offer assurance that a recommended allocation will be the appropriate allocation in all circumstances for every </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor. The value of your investment may decrease if RIM’s judgment about the attractiveness, value or market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trends affecting a particular asset class or investment style is incorrect. Asset allocation decisions might also result </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in an Underlying Fund having more exposure to asset classes, countries or regions, or industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Underlying Funds may be used </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as investments by certain funds of funds and in asset allocation programs and may have a large percentage of their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares owned by such funds or held in such programs. Large redemption activity could result in an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to an Underlying Fund’s portfolio securities, higher Underlying Fund cash levels, higher brokerage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commissions and other transaction costs, among other negative consequences such as reduced liquidity in an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s portfolio. As a result, large redemption activity could adversely affect an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ability to conduct its investment program which, in turn, could adversely impact an Underlying Fund's and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s performance or may result in an Underlying Fund and/or the Fund no longer remaining at an economically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">viable size, in which case an Underlying Fund and/or the Fund may cease operations.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may engage in active and frequent trading, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally be taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of an Underlying Fund that is managed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers were employed. Given that values of investments change with market conditions, this could cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's return to be lower than if the Underlying Fund employed discretionary money managers with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in an Underlying Fund, like any fund, can involve </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operational risks. In addition, other disruptive events may adversely affect an Underlying Fund’s ability to conduct </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business. While the Underlying Funds seek to minimize such risks and events through controls and oversight, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including business continuity plans and risk management systems, there may still be events or failures that could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause losses to an Underlying Fund. In addition, the Underlying Funds may be susceptible to operational risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. An Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the Class S returns shown in the bar chart, depending upon the fees and expenses of that Class. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Aggressive Strategy Linked Composite Index represents the returns of a composite index comprised of 50% Russell 3000® Index, 27% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 4% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 15% Bloomberg U.S. Aggregate Bond Index and 4% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For information regarding the composition of the Aggressive Strategy Linked Composite Index prior to September 25, 2025, see the Performance Notes section in the Fund's Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Aggressive Strategy Linked Composite Index represents the returns of a composite index comprised of 50% Russell 3000® Index, 27% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 4% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 15% Bloomberg U.S. Aggregate Bond Index and 4% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is representative of the investment strategies pursued by the Fund.
After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.1091
0.0749
0.0733
0.1673
0.0795
0.0716
0.1799
0.0904
0.0824
0.1799
0.0909
0.0829
0.1740
0.0853
0.0776
0.1799
0.0904
0.0824
0.1476
0.0708
0.0657
0.1249
0.0673
0.0623
0.2234
0.1119
0.1172
0.1881
0.0914
0.1006
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Equity Aggressive Strategy Fund
Investment Objective
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The Fund seeks to provide high long term capital appreciation.</span></div>
Fees and Expenses of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, certain Financial Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. More information about these and other discounts is available from your financial professional and in the Front-End Sales Charges and the More About Deferred Sales Charges sections and Appendix A: Additional Information About Financial Intermediary-Specific Sales Charge Variations, Waivers And Discounts, beginning on pages 99, 102 and 130, respectively of the Prospectus, and the Purchase, Exchange and Redemption of Fund Shares section, beginning on page 20, of the Fund’s Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further information regarding expenses of the Fund.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.0100
0
0
0
0
0
0
0
0
0
0
0
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#
0.0017
0.0017
0.0017
0.0017
0.0017
0.0017
0.0025
0.0075
0
0
0.0050
0
0.0032
0.0057
0.0032
0.0032
0.0032
0.0032
0.0070
0.0070
0.0070
0.0070
0.0070
0.0070
0.0144
0.0219
0.0119
0.0119
0.0169
0.0119
-0.0016
-0.0016
-0.0026
-0.0024
-0.0024
-0.0016
0.0128
0.0203
0.0093
0.0095
0.0145
0.0103
February 28, 2027
“Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.”
“Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Example
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic; margin-left: 20pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">mutual funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">waivers and/or reimbursements into account only for the first year of the periods.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt; line-height: 1pt;"> </span></div>
698
206
95
97
148
105
990
670
352
354
509
362
1302
1160
629
631
895
639
2187
2511
1420
1422
1978
1429
Portfolio Turnover
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund pays no transaction costs or commissions when it buys and sells Shares of the Underlying Funds. The Underlying Funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs affect the Underlying Funds’ performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio. Portfolio turnover rates for the Underlying Funds are available in the Prospectus for the Underlying Funds.</span></div>
0.26
Investments, Risks and PerformancePrincipal Investment Strategies of the Fund
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund is a “fund of funds,” which seeks to achieve its objective by investing in a combination of several other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Investment Company (“RIC”) funds (the “Underlying Funds”). Russell Investment Management, LLC (“RIM”), </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund’s investment adviser, intends the Fund’s strategy of investing in a combination of Underlying Funds to result in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment diversification that an investor could otherwise achieve only by holding numerous individual investments. You </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may invest directly in the Underlying Funds in which the Fund invests. The Fund’s approximate target strategic asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">allocation as of March 1, 2026 is 81.5% to equity, 6% to fixed income, 7% to multi-asset and 5.5% to alternative asset </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">classes. As a result of its investments in the Underlying Funds, the Fund indirectly invests principally in U.S. and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-U.S. equity and fixed income securities and derivatives. Alternative Underlying Funds pursue investment strategies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">that differ from those of traditional broad market equity or fixed income funds. The Multifactor U.S. Equity, Multifactor </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">International Equity and Long Duration Bond Underlying Funds are managed directly by RIM, the Fund's investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">adviser. For all other Underlying Funds, RIM employs a multi-manager approach whereby most assets of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds are allocated to the strategies of different unaffiliated money managers. RIM considers this Fund to be an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">aggressive</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> fund due to its investment objective and asset allocation to equity and alternative Underlying Funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">RIM evaluates the Fund’s target strategic asset allocation on a periodic basis relative to peer allocations, current </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market conditions, RIM’s capital markets forecasts and RIM’s desired asset class exposures. Based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">considerations, RIM may change (i) the Fund’s target strategic asset allocation by up to +/- 5% at the equity, fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income, multi-asset or alternative asset class level and (ii) the Underlying Funds in which the Fund invests. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">actual asset allocation may vary from the target strategic asset allocation at any point in time due to market movements </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and/or the implementation over a period of time of a change to the Fund’s target strategic asset allocation. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">target strategic asset allocation and the Underlying Funds in which the Fund may invest may be changed without </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">shareholder notice or approval.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assets plus borrowings for investment purposes in shares of equity Underlying Funds. For purposes of this policy, the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund considers an equity Underlying Fund to be an Underlying Fund that invests, under normal circumstances, at least </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">80% of the value of its net assets in equity securities. The Fund expects the alternative Underlying Funds to be equity </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds for purposes of assessing compliance with this policy as they invest predominately in equity securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information.</span></div>
An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money.
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Investing in Affiliated Underlying Funds</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The assets of the Fund are invested in Shares of the Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and the investment performance of the Fund is directly related to the investment performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Funds in which it invests. RIM is the investment adviser for both the Fund and the Underlying Funds and may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deemed to have a conflict of interest in determining the allocation of the Fund to the Underlying Funds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither the Fund nor RIM can offer any assurance that the asset allocation of the Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieve the Fund’s investment objective. Nor can the Fund or RIM offer assurance that a recommended allocation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will be the appropriate allocation in all circumstances for every investor. The value of your investment may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">decrease if RIM’s judgment about the attractiveness, value or market trends affecting a particular asset class, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investment style or Underlying Fund is incorrect. Asset allocation decisions might also result in the Fund having </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more exposure, indirectly through its investments in the Underlying Funds, to asset classes, countries or regions, or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries or groups of industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in the Fund, like any fund, can involve operational </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in a decline in price. In rising markets, defensive stocks are likely to underperform growth, value and dynamic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">stocks and the relative performance of stocks selected pursuant to a defensive style may fluctuate over time. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Dynamic stocks have higher than average stock price volatility and may experience sharp declines in value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s investments in fixed income securities could lose money. In addition, an Underlying Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities may be downgraded in credit rating or go into default.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prospects of individual issuers. Non-U.S. corporate debt securities may expose an Underlying Fund to greater risk </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">than investments in U.S. corporate debt securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Bonds issued or guaranteed by a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-investment grade debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-U.S. and Emerging Markets Debt</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor protections and disclosure standards.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Global Financial Markets Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volatility and instability) and events (including natural disasters, pandemics and epidemics) in one country, region </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or financial market may adversely impact issuers in a different country, region or financial market. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">governmental and quasi-governmental organizations have taken a number of unprecedented actions designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">support the markets. Such events and conditions may adversely affect the value of an Underlying Fund’s securities, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s portfolio instruments or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Liquidity Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">settlement payments to counterparties. Such events and conditions may adversely affect the value of an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s investments, result in greater market or liquidity risk or cause difficulty valuing an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">portfolio instruments or achieving an Underlying Fund’s objective.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Illiquid Investments</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">could cause an Underlying Fund to realize a loss on the investment if it was sold at a lower price than that at </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">which it had been valued.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">dollar-denominated securities and currencies may reduce the returns of an Underlying Fund.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Real Estate Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Just as real estate values go up and down, the value of the securities of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">companies also fluctuates. Real estate securities, including real estate investment trusts (“REITs”), may be affected </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">by changes in the value of the underlying properties owned by the companies and by the quality of tenants’ credit.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Active Management.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Despite strategies designed to achieve the Fund’s and/or an Underlying Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">objective, the value of investments will change with market conditions, and so will the value of any investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the Fund and/or Underlying Funds and you could lose money. RIM utilizes a variety of quantitative inputs and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">qualitative investment information and analysis in the management of the Underlying Funds. If the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">inputs are not predictive or qualitative assessments are incorrect, the Underlying Funds may underperform. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities, baskets of securities or instruments selected for an Underlying Fund’s portfolio may not perform as RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or the Underlying Fund's money managers expect and security or instrument selection risk may cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Funds to underperform relative to other funds with similar investment objectives and strategies. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Exposure tilts may be ineffective and RIM’s judgments regarding perceived market risks and opportunities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">incorrect. There is no guarantee that RIM will effectively assess an Underlying Fund’s portfolio characteristics and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">it is possible that its judgments regarding an Underlying Fund’s exposures may be incorrect. In addition, actions </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">taken to manage Underlying Fund exposures, including risk, may be ineffective and/or cause the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Quantitative Investing and Models.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Quantitative inputs and models use historical company, economic and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">assessments of the specific portfolio characteristics or ineffective adjustments to an Underlying Fund’s exposures. </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Securities selected using quantitative analysis may perform differently than analysis of their historical trends would </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">suggest. Inputs or models may be flawed or not work as anticipated and may cause an Underlying Fund to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underperform other funds with similar investment objectives and strategies.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Derivatives</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in a derivative instrument could lose more than the initial amount invested. Compared to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market prices and thus the Underlying Fund’s losses may be greater if it invests in derivatives than if it invests </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">only in conventional securities. The use of derivative instruments involves risks different from, and possibly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">greater than, the risks associated with investing directly in equity or fixed income securities, currencies or other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments. Derivatives are generally subject to a number of risks such as leveraging risk, liquidity risk, market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">risk, credit risk, default risk, counterparty risk (the risk that the other party in an agreement will fail to perform its </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">obligations), management risk, operational risk and legal risk. Certain of these risks do not apply to derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">instruments entered into for hedging or cash equitization, certain cleared derivative instruments, and written </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">options contracts. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the value of the derivative instrument may not correlate exactly with the change in the value of the underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">asset, rate or index.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Index-Based Investing. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">using optimization and risk models), which may be used to gain desired Underlying Fund exposures, may cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's returns to be lower than if an Underlying Fund employed a fundamental investment approach </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to security selection with respect to that portion of its portfolio. Additionally, index-based strategies are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">“tracking error” risk, which is the risk that the performance of the portion of an Underlying Fund's portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">utilizing an index-based strategy will differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Multi-Manager Approach.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> While the investment styles employed by the money managers are intended to be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Fundamental Investing Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">selection using a fundamental investment approach may also cause the Underlying Fund to underperform other </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">funds with similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Mortgage-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">value.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Distressed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">proceedings, an Underlying Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">benefit of any security interest in the related assets.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset-Backed Commercial Paper</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commercial paper.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.0pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Loans and Other Direct Indebtedness.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">floating rate securities.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Bank Obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Variable and Floating Rate Securities Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Variable and floating rate securities generally are less sensitive to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates in general.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Money Market Securities (Including Commercial Paper)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Prices of money market securities generally rise and fall </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in response to interest rate changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Reverse Repurchase Agreements</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fail to return the security in a timely manner or at all. An Underlying Fund may lose money if the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the security transferred by an Underlying Fund declines below the repurchase price.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Yankee Bonds and Yankee CDs</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Securities of Other Investment Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investments in other investment companies expose shareholders to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">expenses and risks associated with the investments of an Underlying Fund as well as to the expenses and risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the underlying investment companies.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Equity Linked Notes. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Equity linked notes are generally subject to the risks associated with the debt securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">foreign issuers and with securities denominated in foreign currencies and, because they are equity linked, may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">return a lower amount at maturity because of a decline in value of the linked security or securities. Equity linked </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">notes are also subject to default risk and counterparty risk.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Depositary Receipts</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">into which they may be converted.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Infrastructure Companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Infrastructure companies are subject to the risk that: the potential for realized revenue </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">volumes is significantly lower than projected and/or cost overruns; the nature of the concession fundamentally </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes during the life of the project (e.g., the state sponsor alters the terms); macroeconomic factors such as low </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">GDP growth or high nominal interest rates raise the average cost of funding; government regulation may affect </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">rates charged to customers; government budgetary constraints impact projects; special tariffs are imposed; and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">environmental damage due to a company's operations or an accident, changes in market sentiment towards </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">infrastructure and terrorist acts.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Natural Resources Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund's investments in natural resources companies involve risks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market value of natural resources related securities may be affected by numerous factors, including events </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurring in nature, inflationary pressures and international politics. The securities of natural resources companies </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may experience more price volatility than securities of companies in other industries. Rising interest rates and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">general economic conditions may also affect the demand for natural resources.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Convertible Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore are subject to the risk that an Underlying Fund could experience a reduced income rate and a worsened </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">standing in the case of an issuer’s insolvency.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Financial Services Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may be susceptible to adverse economic or regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">occurrences affecting the financial services sector, including with respect to U.S. and foreign banks, broker-dealers, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">developments may affect the value of the Underlying Fund’s investments more than if the Underlying Fund were </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">not invested to such a degree in this sector. Companies in the financial services sector may be particularly </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">susceptible to factors such as interest rate, fiscal, regulatory and monetary policy changes.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Information Technology Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. To the extent that an Underlying Fund invests significantly in the information </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology sector, an Underlying Fund will be sensitive to changes in, and an Underlying Fund’s performance may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">depend to a greater extent on, the overall condition of the information technology sector. Companies in the </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">information technology sector can be significantly affected by short product cycles, obsolescence of existing </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">market entrants, government regulation and other factors.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Puts, Stand-by Commitments and Demand Notes.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> The ability of an Underlying Fund to exercise a put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment may depend on the seller’s ability to purchase the securities at the time the put or stand-by </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commitment is exercised or on certain restrictions in the buy back arrangement. If there is a shortfall in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">anticipated proceeds from demand notes, including variable rate demand notes, the notes may not be fully repaid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">and an Underlying Fund may lose money.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Master Limited Partnerships (“MLPs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Investing in MLPs involves certain risks related to investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">particular industry or a particular geographic region are subject to risks associated with such industry or region. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">The benefit derived from an Underlying Fund’s investment in MLPs is largely dependent on the MLPs being </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">treated as partnerships for U.S. federal income tax purposes. A distribution by an MLP (that is taxed as a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">partnership) to an Underlying Fund will decrease the Underlying Fund’s tax basis in its MLP investment and will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">therefore increase the amount of gain (or decrease the amount of loss) that will be eventually recognized on the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">sale of such MLP investment. Distributions from an MLP in excess of an Underlying Fund’s tax basis in the MLP </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">will generally be treated as capital gain. Also, gain or loss recognized on a disposition of an MLP equity security </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may be recharacterized as ordinary income to the extent attributable to a deemed disposition of MLP assets subject </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">to depreciation recapture or similar items, with the amount of such ordinary income potentially exceeding the gain </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized on the disposition or occurring even if there is a net loss on the disposition. The tax treatment of taxable </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">income allocated to an Underlying Fund each year by the MLPs will not be known until the Underlying Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">receives a schedule K-1 for that year with respect to each of its MLP investments.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Sales Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. A short sale will result in a loss if the price of the security sold short increases between the date </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the short sale and the date on which the borrowed security must be returned. Short sales may give rise to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">form of leverage. Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">securities. Short sales have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Short Positions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. An Underlying Fund will incur a loss as a result of a short position if the price of the shorted </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">security increases over the tenor of the short position. Short positions may give rise to a form of leverage. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Leverage tends to exaggerate the effect of any increase or decrease in the value of portfolio securities. Short </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">positions have the potential for unlimited loss.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Volatility Strategies Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Volatility strategies depend on mispricings based upon market-anticipated volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">realized volatility of an underlying asset. If anticipated and realized volatility are incorrectly estimated, the strategy </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may result in losses.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Asset Allocation.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Neither an Underlying Fund nor RIM can offer any assurance that the asset allocation of an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund will achieve the Underlying Fund’s investment objective. Nor can an Underlying Fund or RIM </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">offer assurance that a recommended allocation will be the appropriate allocation in all circumstances for every </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">investor. The value of your investment may decrease if RIM’s judgment about the attractiveness, value or market </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">trends affecting a particular asset class or investment style is incorrect. Asset allocation decisions might also result </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">in an Underlying Fund having more exposure to asset classes, countries or regions, or industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">industries that underperform.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Investments in these instruments involve the risk that the issuer </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Counterparty Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. The Underlying Funds may be used </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">as investments by certain funds of funds and in asset allocation programs and may have a large percentage of their </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Shares owned by such funds or held in such programs. Large redemption activity could result in an Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund incurring additional costs and being forced to sell portfolio securities at a loss to meet redemptions. Large </span></div> </div> <div style="clear: both; position: relative;"> </div> </div> <div style="line-height: 12.0pt; margin-left: 29pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">redemptions may also result in increased expense ratios, higher levels of realized capital gains or losses with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to an Underlying Fund’s portfolio securities, higher Underlying Fund cash levels, higher brokerage </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">commissions and other transaction costs, among other negative consequences such as reduced liquidity in an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund’s portfolio. As a result, large redemption activity could adversely affect an Underlying Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">ability to conduct its investment program which, in turn, could adversely impact an Underlying Fund's and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund’s performance or may result in an Underlying Fund and/or the Fund no longer remaining at an economically </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">viable size, in which case an Underlying Fund and/or the Fund may cease operations.</span></div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Currency Trading Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">the price of the currency agreed to be sold.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">. Certain Underlying Funds may engage in active and frequent trading, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">generally be taxable to shareholders as ordinary income.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Non-Discretionary Implementation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-weight: bold; line-height: 12pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">With respect to the portion of an Underlying Fund that is managed </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">pursuant to model portfolios provided by non-discretionary money managers, it is expected that trades will be </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">effected on a periodic basis and therefore less frequently than would typically be the case if discretionary money </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">managers were employed. Given that values of investments change with market conditions, this could cause an </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Underlying Fund's return to be lower than if the Underlying Fund employed discretionary money managers with </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">respect to that portion of its portfolio.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div> <div style="clear: both; margin-top: 4pt; position: relative; width: 100%;"> <div style="float: left; line-height: 12pt; margin-left: 20pt; text-align: left; width: 4.6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">●</span></div> <div style="float: left; line-height: 12pt; margin-left: 4.4pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">Cyber Security and Other Operational Risks. </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">An investment in an Underlying Fund, like any fund, can involve </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">operational risks. In addition, other disruptive events may adversely affect an Underlying Fund’s ability to conduct </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">business. While the Underlying Funds seek to minimize such risks and events through controls and oversight, </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">including business continuity plans and risk management systems, there may still be events or failures that could </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">cause losses to an Underlying Fund. In addition, the Underlying Funds may be susceptible to operational risks </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">through breaches in cyber security. A cyber security breach may cause sensitive information (including relating to </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">personally identifiable information of investors) to be lost, improperly accessed, used or disclosed. An Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Fund and its shareholders could be negatively impacted by such disruptive events or cyber security incidents</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; font-style: italic;">.</span></div> </div> <div style="clear: both; position: relative;"> </div> </div>
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Corporation or any other government agency.</span></div>
Performance
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period. The returns (both before and after tax) for other Classes of Shares offered by this Prospectus may be lower than the Class S returns shown in the bar chart, depending upon the fees and expenses of that Class. The highest and lowest returns for a full quarter during the periods shown in the bar chart are set forth next to the bar chart.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div>
The following bar chart illustrates the risks of investing in the Fund by showing how the performance of the Fund’s Class S Shares varies over a ten year period.
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">The table accompanying the bar chart further illustrates the risks of investing in the Fund by showing how the Fund’s average annual total returns for the periods shown compare with the returns of one or more indexes that measure broad market performance. The first benchmark in the table is the Fund's primary benchmark. The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Equity Aggressive Strategy Linked Composite Index represents the returns of a composite index comprised of 56% Russell 3000® Index, 30% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 5% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 7% Bloomberg U.S. Aggregate Bond Index and 2% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes is </span></div> <div style="line-height: 12.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10pt;">representative of the investment strategies pursued by the Fund. RIM assesses the Fund’s performance relative to its secondary benchmark. For information regarding the composition of the Equity Aggressive Strategy Linked Composite prior to September 25, 2025, see the Performance Notes section in the Fund's Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions. For more information, see the Performance Notes section in the Fund’s Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 10pt; line-height: 12pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Past performance, both before-tax and after-tax, is no indication of future results. More current performance information is available at https://russellinvestments.com.</span></div>
The second benchmark in the table is the Fund's secondary benchmark. Beginning September 25, 2025, the Equity Aggressive Strategy Linked Composite Index represents the returns of a composite index comprised of 56% Russell 3000® Index, 30% MSCI ACWI ex USA Index (net of tax on dividends from foreign holdings), 5% FTSE EPRA Nareit Developed Index (net of tax on dividends from foreign holdings), 7% Bloomberg U.S. Aggregate Bond Index and 2% ICE BofA US High Yield Index. This benchmark provides a means to compare the Fund's average annual returns to a benchmark that RIM believes isrepresentative of the investment strategies pursued by the Fund.
After-tax returns are shown for only one Class. The after-tax returns for other Classes will vary.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are not relevant to investors who hold their Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
If the Fund has realized capital losses, the total return after taxes on distributions and sale of Fund Shares may be higher than the total return before taxes and the total return after taxes on distributions.
Past performance, both before-tax and after-tax, is no indication of future results.
https://russellinvestments.com
Class S Calendar Year Total Returns
Average annual total returns for the periods ended December 31, 2025
0.1204
0.0861
0.0804
0.1800
0.0907
0.0787
0.1915
0.1018
0.0896
0.1926
0.1025
0.0904
0.1866
0.0970
0.0849
0.1915
0.1018
0.0896
0.1633
0.0895
0.0795
0.1309
0.0797
0.0713
0.2234
0.1119
0.1172
0.2029
0.1037
0.1127
<div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10pt; margin-left: 20pt;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the </span><span style="color: #000000; font-family: times new roman; font-size: 10pt;">Russell Indexes. Russell</span><span style="color: #000000; font-family: times new roman; font-size: 4.5pt; position: relative; top: -7pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10pt;"> is a trademark of Frank Russell Company.</span></div>
Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.15% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.96%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.15% of its transfer agency fees for Class M Shares, 0.05% of its transfer agency fees for Class C and Class S Shares, and 0.02% of its transfer agency fees for Class A Shares. These waivers may not be terminated during the relevant period except with Board approval.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent such direct Fund-level expenses exceed 0.67% of the average daily net assets of the Fund on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Direct Fund-level expenses do not include Rule 12b-1 distribution fees, shareholder services fees, transfer agency fees, foreign tax reclaim related expenses, infrequent and/or unusual expenses (including litigation expenses) or the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.74%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares. This waiver may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.76%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares. This waiver may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.456%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.17% of its transfer agency fees for Class M Shares, 0.12% of its transfer agency fees for Class A, Class C and Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2025 but did not reflect a full year of waiver. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.15% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class A, Class C and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.32%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.16% of its transfer agency fees for Class M Shares, 0.06% of its transfer agency fees for Class S Shares, 0.04% of its transfer agency fees for Class A and Class C Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the Fund’s proportionate share of the operating expenses of any other fund in which the Fund invests, including the U.S. Cash Management Fund.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive 0.01% of its advisory fee. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.14% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the Fund’s proportionate share of the operating expenses of any other fund in which the Fund invests, including the U.S. Cash Management Fund.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.292%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.17% of its transfer agency fees for Class M Shares, 0.12% of its transfer agency fees for Class A, Class C and Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive 0.12% of its advisory fee. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.03% of its transfer agency fees for Class S Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.16% of its transfer agency fees for Class M Shares, 0.06% of its transfer agency fees for Class C and Class S Shares and 0.02% of its transfer agency fees for Class A Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.83% of the average daily net assets of the Fund on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Direct Fund-level expenses do not include Rule 12b-1 distribution fees, shareholder services fees, transfer agency fees, contingency fees paid to vendors for foreign tax reclaims and for certain securities litigation recoveries, infrequent and/or unusual expenses (including litigation expenses) or the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.12% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class A, Class C, Class R6 and Class S Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.72%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses, excluding dividend and interest expenses on short sales, to the extent such direct Fund-level expenses exceed 0.70% of the average daily net assets of the Fund on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Direct Fund-level expenses do not include Rule 12b-1 distribution fees, shareholder services fees, transfer agency fees, foreign tax reclaim related expenses, infrequent and/or unusual expenses (including litigation expenses) or the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.36%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.54%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.17% of the average daily net assets of the Fund on an annual basis. Direct Fund-level expenses do not include transfer agency fees, Rule 12b-1 distribution fees, shareholder services fees, infrequent and/or unusual expenses (including litigation expenses), or the expenses of other investment companies in which the Fund invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.15% of its transfer agency fees for Class R1 and Class R5 Shares, 0.10% of its transfer agency fees for Class M Shares, 0.08% of its transfer agency fees for Class A and Class C Shares and 0.02% of its transfer agency fees for Class S Shares. These waivers may not be terminated during the relevant period except with Board approval. “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.13% of the average daily net assets of the Fund on an annual basis. Direct Fund-level expenses do not include transfer agency fees, Rule 12b-1 distribution fees, shareholder services fees, infrequent and/or unusual expenses (including litigation expenses), or the expenses of other investment companies in which the Fund invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.08% of its transfer agency fees for Class A, Class C, Class R1 and Class R5 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses, excluding dividend and interest expenses on short sales, to the extent such direct Fund-level expenses exceed 0.70% of the average daily net assets of the Fund on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Direct Fund-level expenses do not include Rule 12b-1 distribution fees, shareholder services fees, transfer agency fees, foreign tax reclaim related expenses, infrequent and/or unusual expenses (including litigation expenses) or the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class M and Class R6 Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect expenses expected to be incurred by the Fund.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive 0.07% of its advisory fee. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class A, Class C and Class M Shares and 0.06% of its transfer agency fees for Class R1 and Class R5 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2025 but did not reflect a full year of waiver. “Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive 0.13% of its advisory fee. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.05% of its transfer agency fees for Class R1 and Class R5 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent that direct Fund-level expenses exceed 0.13% of the average daily net assets of the Fund on an annual basis. Direct Fund-level expenses do not include transfer agency fees, Rule 12b-1 distribution fees, shareholder services fees, infrequent and/or unusual expenses (including litigation expense), or the expenses of other investment companies in which the Fund invests, including the Underlying Funds, which are borne indirectly by the Fund. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.08% of its transfer agency fees for Class R1 and Class R5 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect the proportionate share of the expenses of the Underlying Funds in which the Fund invests. The Fund’s proportionate share of these expenses is reflected under “Acquired Fund Fees and Expenses.” “Other Expenses” for Class M Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.47%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.12% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class A, Class C, Class R6 and Class S Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.14% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive up to the full amount of its advisory fee and then to reimburse the Fund for other direct Fund-level expenses to the extent such direct Fund-level expenses exceed 0.64% of the average daily net assets of the Fund on an annual basis. This waiver and reimbursement may not be terminated during the relevant period except with Board approval. Direct Fund-level expenses do not include Rule 12b-1 distribution fees, shareholder services fees, transfer agency fees, foreign tax reclaim related expenses, infrequent and/or unusual expenses (including litigation expenses) or the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.15% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class A and Class C Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. “Other Expenses,” “Total Annual Fund Operating Expenses” and “Net Annual Fund Operating Expenses” have been restated to reflect expenses expected to be incurred by the Fund.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has contractually agreed to waive 0.02% of its advisory fee. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.14% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.68%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. “Other Expenses” for Class R6 Shares are based on estimated amounts for the current fiscal year as this Share Class did not have any assets during the most recent fiscal year.
The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.83%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.12% of its transfer agency fees for Class M Shares and 0.02% of its transfer agency fees for Class A, Class C, Class R6 and Class S Shares. These waivers may not be terminated during the relevant period except with Board approval.
Until February 28, 2027, Russell Investment Management, LLC has entered into a contractual fee waiver agreement that results in an effective advisory fee not to exceed 0.65%. This waiver may not be terminated during the relevant period except with Board approval. Until February 28, 2027, Russell Investments Fund Services, LLC has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares. This waiver may not be terminated during the relevant period except with Board approval.