Important fund & asset class information

  • U.S. Equities Funds (including tax-managed U.S. equity funds) and Asset Class

    In a limited long/short strategy, a short sale will result in a loss if the price of the security sold short increases between the date of the short sale and the date on which the borrowed security must be returned. Although the U.S. Strategic Equity and Sustainable Equity Funds' potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security.


    Income from the Tax-Managed U.S. Large Cap Fund and the Tax-Managed U.S. Mid & Small Cap Fund are managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes

    The Multifactor U.S. Equity Fund utilizes a variety of quantitative inputs and qualitative assessments in its management. If these are not predictive or are incorrect, the Fund may underperform. The Fund also utilizes index-based strategies, which may cause its returns to be lower than if it employed a fundamental investment approach to security selection.


    The Multifactor U.S. Equity Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    U.S. Equity Funds, U.S. Tax-Managed Funds - Class A
    The Tax-Managed U.S. Mid & Small Cap Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from November 30, 1999 to December 6, 2000 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from December 7, 2000 to May 31, 2010 are the returns of the Fund's Class E Shares.

    The Tax-Managed U.S. Large Cap Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from October 7, 1996 to December 6, 2000 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from December 7, 2000 to May 31, 2010 are the returns of the Fund's Class E Shares.

    The U.S. Small Cap Equity Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from December 28, 1981 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.


    The Sustainable Equity Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from May 29, 1987 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.


    The Equity Income Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from October 15, 1981 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.

    U.S. Equity Funds, U.S. Tax-Managed Funds - Class C
    The Tax-Managed U.S. Large Cap Fund first issued Class C Shares on December 2, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown would have been lower.

    The U.S. Small Cap Equity Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from December 29,1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Sustainable Equity Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from June 1, 1987 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Equity Income Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from October 16,1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.

    U.S. Equity Funds - Class S
    The Sustainable Equity Fund, Equity Income Fund, and U.S. Small Cap Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares

    The Multifactor U.S. Equity Fund first issued Class S Shares on January 2, 2015. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class Y Shares.


    U.S. Equity Funds, U.S. Tax-Managed Funds - Class M

    The U.S. Strategic Equity Fund, Tax-Managed U.S. Large Cap Fund and Tax-Managed U.S. Mid & Small Cap Fund first issued Class M Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares.

    The U.S. Small Cap Equity Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Multifactor U.S. Equity Fund first issued Class M Shares on January 2, 2015. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class Y Shares.


    U.S. Equity Funds - Class Y

    The Equity Income Fund first issued Class Y shares on March 30, 2000, closed its Class Y shares on May 4, 2015 and reopened its Class Y shares on March 1, 2017. The returns shown for Class Y shares for the periods May 5, 2015 through February 28, 2017 and prior to March 30, 2000 are the returns of the Fund's Class I shares.


    The U.S. Strategic Equity Fund first issued Class Y Shares on July 30, 2018, closed its Class Y Shares on September 11, 2019 and reopened its Class Y shares on September 12, 2023. The returns shown for Class Y Shares for the period January 1, 2014 through July 29, 2018 are the returns of the Fund’s Class S Shares. The returns shown for the Class Y Shares for the period September 12, 2019 through September 11, 2023 are the returns of the Fund’s Class M Shares. Class Y Shares will have substantially similar annual returns as the Class S and Class M Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class Y Shares do not have the same expenses as the Class S and Class M Shares.


    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    U.S. Equity Funds - Class R6

    The U.S. Small Cap Equity Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.

    The Multifactor U.S. Equity Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    Asset Classes U.S. Equities (including Tax-Managed)
    Large capitalization (large cap) investments generally involve stocks of companies with a market capitalization based on the Russell 1000® Index. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

    Middle capitalization (mid cap) investments generally involve stocks of companies with a market capitalization based on the Russell MidCap® Index. Mid cap investments are considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps).


    Small capitalization (small cap) investments generally involve stocks of companies with a market capitalization based on the Russell 2000® Index. Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, including the risks of investing in securities of large and medium capitalization companies. Investments in smaller capitalization companies may involve greater risks as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000® Index may be newly formed with more limited track records and less publicly available information.


    Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, may experience considerable price fluctuations and are more volatile than large company stocks. Generally, the smaller the company size, the greater the risks.


    Dynamic style emphasizes investments in equity securities of companies that are believed to be currently undergoing or are expected to undergo positive change that will lead to stock price appreciation. Dynamic stocks typically have higher than average stock price volatility, characteristics indicating lower financial quality, (which may include greater financial leverage) and/or less business stability.


    Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality, (which may include lower financial leverage) and/or stable business fundamentals.

  • International and Global Equity Funds (including the Tax-Managed International Equity Fund) and Asset Class

    The Multifactor International Equity Fund utilizes a variety of quantitative inputs and qualitative assessments in it's management. If these are not predictive or are incorrect, the Fund may underperform. The Fund also utilizes index replication and/or optimization strategies, which may cause returns to be lower than if it employed an active security selection strategy.


    The Tax-Managed International Equity Fund and the Multifactor International Equity Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    Income from the Tax-Managed International Equity Fund is managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class A

    The International Developed Markets Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Funds' Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Funds' Class E Shares.


    The Emerging Markets Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Fund Class E Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class C

    The International Developed Markets Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from February 1, 1983 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class S

    The International Developed Markets Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares.

    The Multifactor International Equity Fund first issued Class S Shares on January 2, 2015. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class Y Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class M

    The International Developed Markets Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to October 22, 2007, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Multifactor International Equity Fund first issued Class M Shares on January 2, 2015. The returns shown for Class M Shares prior to that date are the returns of the Fund's Y Shares.

    The Global Equity Fund, Emerging Markets Fund, and Tax-Managed International Equity Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class Y

    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class R6

    The Emerging Markets Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.

    The Multifactor International Equity Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    Asset Classes International Global Equity (including Tax-Managed)

    Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. Non-U.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.


    Small capitalization (small cap) investments generally involve stocks of companies with a market capitalization based on the Russell 2000® Index. Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, including the risks of investing in securities of large and medium capitalization companies. Investments in smaller capitalization companies may involve greater risks as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000® Index may be newly formed with more limited track records and less publicly available information.


    Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.


    Middle capitalization (mid cap) investments generally involve stocks of companies with a market capitalization based on the Russell MidCap® Index. Mid cap investments are considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps).


    Global and Emerging markets return may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Such securities may be less liquid and more volatile. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and political systems with less stability than in more developed countries


    Large capitalization (large cap) investments generally involve stocks of companies with a market capitalization based on the Russell 1000® Index. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

    Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability than those of more developed countries. Securities may be less liquid and more volatile than U.S. and longer-established non-U.S. markets.


  • Alternative and Specialty Funds (including the Tax-Managed Real Assets Fund) and Asset Class

    Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Funds Alternatives and Specialties Class A

    The Global Real Estate Securities Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A shares prior to that date are the returns of the Fund Class E Shares. The returns shown for Class E Shares from July 31, 1989 to May 17, 1998 reflect the deduction of the Rule 12b-1 distribution and shareholder services fees. Effective May 18, 1998, Class E Shares of the Fund no longer charged Rule 12b-1 distribution fees and the returns shown after that date do not reflect the deduction of Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower.


    Funds Alternatives and Specialties Class C

    The Global Real Estate Securities Fund first issued Class C Shares on January 28, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class E Shares. The returns shown for Class E shares from July 31, 1989 to May 17, 1998 reflect the deduction of the Rule 12b-1 distribution and shareholder services fees. Effective May 18, 1998, Class E Shares of the Fund no longer charged Rule 12b-1 distribution fees and the returns shown after that date do not reflect the deduction of Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower.


    Funds Alternatives and Specialties Class Y

    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    Funds Alternatives and Specialties Class M
    The Global Infrastructure Fund and Global Real Estate Securities Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    Funds Alternatives and Specialties Class R6

    The Global Real Estate Securities Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.


    Asset Classes Alternatives

    Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks, including government regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.


    Commodities are volatile investments on their own and should form only a small portion of a diversified portfolio to aid in diversification and as a potential hedge against inflation.


  • Fixed Income Funds (including tax-exempt fixed income funds) and Asset Class

    The Strategic Bond Fund, Tax-Exempt High Yield Bond Fund, Short Duration Bond Fund, Investment Grade Bond Fund, and the Opportunistic Credit Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    For the Opportunistic Credit, Strategic Bond, Investment Grade Bond, Short Duration Bond, Tax-Exempt Bond, and Tax-Exempt High Yield Bond Funds, the use of currency trading strategies may adversely impact a Fund's ability to meet its investment objective.


    Income from the Tax-Exempt Bond Fund and the Tax-Exempt High Yield Bond Fund are managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes.


    Funds Taxable and Tax-Exempt Fixed Income Class A

    The Strategic Bond Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from February 1, 1993 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares.


    The Investment Grade Bond fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from October 15, 1981 to May 14, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 15, 1999 to May 31, 2010 are the returns of the Fund's Class E Shares.


    The Tax-Exempt Bond Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from September 5, 1985 to May 14, 1999 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 15, 1999 to May 31, 2010 are the returns of the Fund's Class E Shares.


    The Short Duration Bond Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Funds' Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Funds' Class E Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class C

    The Investment Grade Bond Fund first issued Class C Shares on October 22, 2007. The returns shown for Class C Shares from October 16, 1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect the deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. The returns shown from May 17, 1999 to October 21, 2007 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Tax-Exempt Bond Fund first issued Class C Shares on March 30, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown for that period would have been lower.


    The Strategic Bond Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from January 29, 1993 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Short Duration Bond Fund first issued Class C Shares on March 4, 1999. The returns shown for Class C Shares from November 2, 1981 to February 18, 1999 are the returns of the Fund Class S Shares and the returns of the Class E Shares from February 19, 1999 to March 3, 1999 and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown for that period would have been lower.


    Funds Taxable and Tax-Exempt Fixed Income Class S

    The Strategic Bond Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares.


    The Investment Grade Bond Fund first issued Class S Shares on October 22, 2007. The returns shown for Class S Shares prior to that date are the returns of the Fund Class I Shares.


    The Long Duration Bond Fund first issued Class S Shares on September 11, 2023. The returns shown for Class S Shares prior to that date are the returns of the Fund’s Class Y Shares. Class S Shares will have substantially similar annual returns as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class S Shares do not have the same expenses as the Class Y Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class M

    The Opportunistic Credit Fund, Short Duration Bond Fund, Tax-Exempt Bond Fund, and Tax-Exempt High Yield Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Strategic Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Investment Grade Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between October 22, 2007 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Long Duration Bond Fund first issued Class M Shares on September 11, 2023. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class Y Shares. Class M Shares will have substantially similar annual returns as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class M Shares do not have the same expenses as the Class Y Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class R6

    The Strategic Bond Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.

    The Short Duration Bond Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.

    The Investment Grade Bond Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    Asset Classes Fixed Income (Taxable and Tax-Exempt)
    Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

  • Multi-Asset Funds and Asset Class

    The Multi-Strategy Income Fund and Multi-Asset Growth Strategy Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause Fund losses to be greater than if it invests only in conventional securities and can cause the Funds to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Funds' use of derivatives may cause the Funds' investment returns to be impacted by the performance of securities the Funds do not own and result in the Funds' total investment exposure exceeding the value of the portfolio.


    For the Multi-Strategy Income Fund, the use of currency trading strategies may adversely impact a Fund's ability to meet its investment objective.


    For the Multi-Strategy Income Fund and Multi-Asset Growth Strategy Fund, specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Multi-Asset Class A

    The Multi-Asset Growth Strategy Fund first issued Class A Shares on September 29, 2017.  The returns shown for Class A Shares prior to that date are the returns of the Fund's Class S Shares.


    Multi-Asset Class C

    The Multi-Asset Growth Strategy Fund first issued Class C Shares on September 29, 2017.  The returns shown for Class C Shares prior to that date are the returns of the Fund's Class S Shares.


    Multi-Asset Class M

    The Multi-Strategy Income Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    Multi-Asset Class Y

    The Multi-Asset Growth Strategy Fund first issued Class Y Shares on August 31, 2017.  The returns shown for Class Y Shares prior to that date are the returns of the Fund's Class S Shares.


    Asset Classes Multi-Asset
    Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

    Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. Non-U.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.


    Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks, including government regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.


  • LifePoints® Funds, Target Portfolio Series

    LifePoints® is a registered service mark of Russell Investments.


    The LifePoints® Funds are a series of fund of funds which expose an investor to the risks of the underlying funds proportionate to their allocation. Investment in LifePoints® Funds involves direct expenses of each fund and indirect expenses of the underlying funds, which together can be higher than those incurred when investing directly in an underlying fund.


    As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Rebalancing your portfolio may create tax consequences on the taxable portion.


    For each of the LifePoints® Funds, Target Portfolio Series, performance is reported net of fund advisory and administrative fees, Rule 12b-1distribution fees; and gross of any financial intermediary fees. Performance for periods prior to March 4, 2003 is that of the Equity Growth Strategy Fund, Balanced Strategy Fund, Moderate Strategy Fund, and the Conservative Strategy Fund's Class E shares. Class E shares and Class A shares have comparable fees and expenses.


    Each of the LifePoints® Funds, Target Portfolio Series, invests its assets principally in shares of a number of underlying Russell Investment Company Funds. In addition, the fund's adviser may also manage assets of the fund and underlying funds directly for a variety of purposes.


    Russell Investments may manage assets to effect the Conservative, Moderate, Balanced, Growth and Equity Growth Strategy Fund's investment strategies and/or to actively manage the fund's overall exposures to seek to achieve the desired risk/return profile for the fund.


    Target Portfolio Class A

    The Equity Growth Strategy and the Balanced Strategy Funds' first issued Class A Shares on March 4, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Growth Strategy Fund first issued Class A Shares on March 10, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Moderate Strategy Fund first issued Class A Shares on March 4, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Conservative Strategy Fund first issued Class A Shares on March 3, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    Target Portfolio Class C

    The Growth Strategy and Balanced Strategy Funds first issued Class C Shares on February 1, 1999. The returns shown for Class C Shares from September 17, 1997 to March 23, 1998 are the returns of the Fund Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to January 31, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Moderate Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from October 3, 1997 to March 23, 1998 are the returns of the Fund's Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Conservative Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from November 10, 1997 to March 23, 1998 are the returns of the Fund's Class E Shares and the returns of the Fund's Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Equity Growth Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from October 1, 1997 to March 23, 1998 are the returns of the Fund Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    Target Portfolio Class S

    For each of the LifePoints® Funds, the returns shown for each Fund's Class S Shares reflect the deduction of shareholder services fees prior to the date the Fund commenced its Class S operations. After commencement of the Class S Shares there is no shareholder service fees. Each Fund commenced operation of its Class S Shares on the following dates: Balanced Strategy Fund, Equity Growth Strategy Fund - February 1, 2000; Aggressive Strategy Fund - February 1, 2000; Moderate Strategy Fund - February 2, 2000; Conservative Strategy Fund - February 15, 2000.


    The Growth Strategy and Moderate Strategy Funds first issued Class S Shares on February 2, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    The Conservative Strategy Fund first issued Class S Shares on February 15, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    The Equity Growth Strategy and the Balanced Strategy Funds' first issued Class S Shares on February 1, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    Target Portfolio Class R1

    Performance shown for LifePoints® Funds, Target Portfolio Series, Conservative Strategy Fund, Class R1 shares prior to December 29, 2006 (commencement of operations) is the performance of the fund's Class S shares and Class E shares from November 10, 1997 to February 14, 2000 and Class S shares from February 15, 2000.


    Performance for the LifePoints® Funds, Target Portfolio Series, Balanced Strategy Fund, Class R1 is the performance of its Class E shares from September 17, 1997 to January 31, 2000 and Class S shares from February 1, 2000 to June 5, 2006 (commencement of operations)


    Performance shown for LifePoints® Funds, Target Portfolio Series, Moderate Strategy Fund, Class R1 shares prior to October 3, 2006 (commencement of operations) is the performance of the fund's Class S shares and Class E shares from October 2, 1997 to January 31, 2000 and Class S shares from February 1, 2000.


    The Growth Strategy Fund first issued Class R1 Shares on May 19, 2006. The returns shown for Class R1 Shares from September 17, 1997 to February 1, 2000 are the returns of the Funds' Class E Shares and the returns of the Funds' Class S Shares from February 2, 2000 to May 18, 2006.


    The Equity Growth Strategy Fund first issued Class R1 Shares on May 19, 2006. The returns shown for Class R1 Shares from October 1, 1997 to January 31, 2000 are the returns of the Fund?s Class E Shares and the returns of the  Funds' Class S Shares from February 1, 2000 to May 18, 2006.

    Target Portfolio Class R4

    The Conservative Strategy, Moderate Strategy, Balanced Strategy, Growth Strategy and Equity Growth Strategy Funds first issued Class R4 Shares on October 1, 2014. The returns shown for Class R4 Shares are the returns of the Fund's Class E Shares from January 1, 2004 to March 28, 2006 and the returns of the Fund's Class R2 Shares from March 29, 2006 to September 30, 2014. Class R2 Shares are no longer offered and were reclassified as Class R4 Shares on October 1, 2014.


    Target Portfolio Class R5

    The Conservative Strategy, Moderate Strategy, Balanced Strategy, Growth Strategy and Equity Growth Strategy, Funds first issued Class R5 Shares on October 1, 2014. The returns shown for Class R5 Shares prior to that date are the returns of the Fund's Class R3 Shares. Class D Shares were redesignated Class R3 Shares on March 1, 2006. Class R3 Shares are no longer offered and were reclassified as Class R5 Shares on October 1, 2014.


  • Fund Performance Benchmark Definitions

     

    FUND PERFORMANCE BENCHMARK DEFINITION RIC FUND
    60% Bloomberg Municipal High Yield Index / 40% Bloomberg Municipal Bond Index The 60% Bloomberg Municipal High Yield Index/40% Bloomberg Municipal Bond Index is a custom blend of 60% Bloomberg Municipal Bond High Yield Index/40% Bloomberg Municipal Bond Index, created and maintained by Bloomberg.

    The Bloomberg Municipal High Yield Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year.

    The Bloomberg Municipal Bond Index covers the USD denominated long-term tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds.    		 Tax-Exempt High Yield Bond
    Bloomberg Municipal 1–15 Year Blend (1–17) Index The Bloomberg Municipal 1–15 Year Blend (1–17) Index measures the performance of the U.S. dollar denominated long-term, tax-exempt bond market with bond maturities of 1–15 years, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. Tax-Exempt Bond
    Bloomberg U.S. Aggregate Bond Index The Bloomberg U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) (agency and non-agency). Strategic Bond
    Investment Grade Bond
    LifePoints® Funds Target Portfolio Series Conservative Strategy
    LifePoints® Funds Target Portfolio Series Moderate Strategy
    LifePoints® Funds Target Portfolio Series Balanced Strategy
    FTSE EPRA Nareit Developed Index The FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and REITS worldwide. Global Real Estate Securities
    ICE BofA 1–3 Year US Treasury Index The ICE BofA 1–3 Year US Treasury Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. government having a maturity of at least one year and less than three years. Short Duration Bond
    ICE BofA 10–15 Year US Treasury Index The ICE BofA U.S. 10–15 Year US Treasury Index tracks the performance of U.S. dollar-denominated, 10- to 15-year sovereign debt publicly issued by the U.S. government in its domestic market. It is a subset of the ICE Bank of America (BofA) U.S. Treasury Index. Long Duration Bond
    MSCI AC World Index ex USA The MSCI AC World Index ex USA captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Tax-Managed International Equity
    MSCI Emerging Markets Index The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 emerging markets countries. With 1,437 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Emerging Markets
    MSCI World ex USA Index The MSCI World ex USA Index captures large- and mid-cap representation across 22 of 23 Developed Markets countries—excluding the United States. International Developed Markets
    Multifactor International Equity
    MSCI World Index The MSCI World Index (net of tax on dividends from foreign holdings) is a market capitalization index, with net or with gross dividends reinvested, that is designed to measure global developed market equity performance. The Index is composed of companies representative of the market structure of 23 developed market countries in North America, Europe and the Asia/Pacific Region. Global Equity
    Multi-Asset Growth Strategy Composite Index The Multi-Asset Growth 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.

    The Bloomberg U.S. Aggregate Bond Index definition can be found earlier in this section.

    The ICE BofA Global High Yield Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets.

    The MSCI ACWI Index captures large and mid-cap representation across 23 developed markets and 24 emerging markets countries. With 2,946 constituents, the index covers approximately 85% of the global investable equity opportunity set.

    The FTSE EPRA Nareit Developed Index definition can be found earlier in this section.     		Multi-Asset Growth Strategy
    Multi-Strategy Income Composite Index The Multi-Strategy Income Composite Index consists 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.

    The Bloomberg U.S. Aggregate Bond Index definition can be found earlier in this section.

    The ICE BofA Global High Yield Index tracks the performance of U.S. dollar-, Canadian dollar-, British pound- and euro-denominated below-investment-grade corporate debt publicly issued in the major domestic or eurobond markets.

    The J.P. Morgan EMBI Global Diversified Index tracks liquid, U.S. Dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities.

    The FTSE EPRA Nareit Developed Index definition can be found earlier in this section.

    The MSCI ACWI High Dividend Yield Index is based on MSCI ACWI, its parent index, and includes large- and mid-cap stocks across 23 Developed Markets and 24 Emerging Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent.     		Multi-Strategy Income
    Opportunistic Credit Composite Index The Opportunistic Credit Composite Index consists of 50% ICE BofA Developed Markets High Yield Constrained Index Hedged (USD hedged), 20% JP Morgan EMBI Global Diversified Index, 20% Bloomberg U.S. 1–3 Month Treasury Bill Index and 10% Bloomberg U.S. Corporate Index.

    The ICE BofA Developed Markets High Yield Constrained Index (USD Hedged) tracks the performance of below investment grade corporate debt of issuers domiciled in developed markets countries.

    The J.P. Morgan EMBI Global Diversified Index tracks liquid, US Dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities.

    The Bloomberg 1–3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than three months.

    The Bloomberg U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more.     		Opportunistic Credit
    Russell 1000® Index The Russell 1000® Index is an index of 1,000 issues representative of the U.S. large capitalization securities market. Sustainable Equity
    U.S. Strategic Equity
    Multifactor U.S. Equity
    LifePoints® Funds Target Portfolio Series Growth Strategy
    LifePoints® Funds Target Portfolio Series Equity Growth Strategy
    Russell 1000® Value Index The Russell 1000® Value Index measures the performance of those Russell 1000® Index securities with lower price-to-book ratios and lower forecasted growth values, representative of U.S. securities exhibiting value characteristics. Equity Income
    Russell 2000® Index The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. U.S. Small Cap Equity
    Russell 2500™ Index The Russell 2500™ Index measures the performance of the small to midcap segment of the U.S. equity universe. The Russell 2500™ Index is a subset of the Russell 3000® Index and includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. Tax-Managed U.S. Mid & Small Cap
    S&P 500® Index The S&P 500® Index is an index, with dividends reinvested, of 500 issues representative of leading companies in the U.S. large cap securities market (representative sample of leading companies in leading industries). Tax-Managed U.S. Large Cap
    S&P® Global Infrastructure Index The S&P® Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation and utilities. Global Infrastructure
    Tax-Managed Real Assets Blended Benchmark Tax-Managed Real Assets Blended Benchmark consists of 40% FTSE NAREIT Equity REIT Index, 30% S&P Global Infrastructure Index, and 30% S&P Natural Resources Index.

    The FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs.

    The S&P® Global Infrastructure Index definition can be found earlier in this section.

    The S&P Global Natural Resources Index provides liquid and tradable exposure to 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals & mining.     		Tax-Managed Real Assets

    Notice:

    Indexes are unmanaged and cannot be invested in directly.

    Benchmarks shown represent the Fund's performance benchmark, which may be different from the Fund's regulatory benchmark included in the Fund's Prospectus and Annual Reports.

    First used: April 2020. Updated January 2024.
    RIFIS-25843


Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus containing this and other important information can be obtained by calling 800-787-7354 or by visiting the prospectus and reports page to download one. Please read the prospectus carefully before investing.

For all Russell Investment Company (RIC) Funds, a portion of the income and capital gains distributions made by Russell Investment Management, LLC (RIM) funds throughout a calendar year may be subject to special tax treatment at calendar year end. Such treatments may reduce taxes shareholders may experience; The after tax returns for the current calendar year are recalculated at the year end to account for this reduction and may become slightly higher than currently reported. For previous calendar years, tax reductions due to such treatments are reflected in the after tax returns of the funds.

 

For all Russell Investment Company (RIC) Funds, cash equitization techniques are utilized with futures in order to approach a fully invested portfolio position and to earn "market-like" returns on the Fund's excess and liquidity reserve cash balances.