Important fund information

  • 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. From time to time, the fund's adviser may modify the target strategic asset allocation for any fund and/or the underlying funds in which a fund invests including the addition of new underlying funds. A fund's actual allocation may vary from the target strategic asset allocation at any point in time. In addition, the fund's adviser may also manage assets of the fund and underlying funds directly for a variety of purposes.


    Russell Investments manages the Conservative, Moderate, Balanced, Growth and Equity Growth Strategy Fund's liquidity reserves and may manage assets to effect the 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.


    For all Russell Investment Company 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 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.


    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.


    First used: June 2017

    RIFiS 18795-LPTPS


  • U.S. Equities (including Tax-Managed U.S. Equity Funds)

    Effective January 1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. Also, effective January 1, 2019, the investment strategy of the U.S. Defensive Equity Fund will change to pursuing a “sustainable” investment strategy.


    Effective September 12, 2018 the U.S. Core Equity Fund was renamed the Equity Income Fund. Also effective September 12, 2018, the investment objective of the U.S. Core Equity Fund was changed to provide long term capital growth and current income.


    The U.S. Large Cap Equity Fund reorganized (“merged”) into the Multifactor U.S. Equity Fund on April 27, 2018.


    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 Fund, U.S. Defensive Equity Fund and U.S. Dynamic 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

    For all Russell Investment Company 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.
     

    The Multifactor U.S. 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-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.


    For all Russell Investment Company 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.


    Funds U.S. Equity and Tax-Managed U.S. Equity Class A
    The Multifactor U.S. Equity Fund first issued Class A Shares on April 27th, 2018. The returns shown for Class A Shares prior to that date are the returns of the Fund’s Class S Shares. The performance shown has been adjusted to reflect deduction of the maximum Class A sales charge of 5.75%.

    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 U.S. Defensive 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.

    Funds U.S. Equity and Tax-Managed U.S. Equity Class C
    The Multifactor U.S. Equity Fund first issued Class C Shares on April 27, 2018. The returns shown for Class C Shares prior to that date are the returns of the Fund’s 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 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 U.S. Defensive 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.

    Funds U.S. Equity and Tax-Managed U.S. Equity Class E
    The Tax-Managed U.S. Large Cap and Tax-Managed U.S. Mid and Small Cap Fund first issued Class E Shares on December 7, 2000. The returns shown for Class E Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of the shareholder services fees that apply to Class E Shares. Had it done so, the returns shown would have been lower.

    The U.S. Defensive Equity Fund first issued Class E Shares on May 17, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class I Shares and do not reflect the deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower.


    The Equity Income Fund and the U.S. Small Cap Equity first issued Class E Shares on May 17, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class I Shares and do not reflect the deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower.


    Funds U.S. Equity and Tax-Managed U.S. Equity Class S
    The U.S. Defensive Equity Fund, Equity Income Fund, U.S. Dynamic Equity 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.


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

    Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    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 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.

    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.


    The Multifactor U.S. Equity Fund first issued Class T Shares on January 2, 2015. The returns shown for Class T Shares prior to that date are the returns of the Fund's Class Y Shares.


    Funds U.S. Equity and Tax-Managed U.S. Equity Class Y
    The U.S. Strategic Equity Fund, first issued Class Y Shares on July 31, 2018. The returns shown for Class Y Shares prior to that date are the returns of the Fund’s Class S Shares.

    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 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 U.S. Equity and Tax-Managed U.S. Equity 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.


    First used: September 2018

    RIFiS 20509-USEq


  • International and Global Equity Funds (Including Tax-Managed International and Global Equity Funds)

    Effective January 1, 2018 the primary benchmark for the Emerging Markets fund will change to the MSCI Emerging Markets Index Net.


    Effective January 1, 2018 the primary benchmark for the Global Equity fund will change to the MSCI World Index Net. 


    Effective January 1, 2018 the primary benchmark for the Tax-Managed International Equity fund will change to the MSCI ACWI ex USA Index Net.


    Effective January 1, 2018 the primary benchmark for the Multifactor International Equity fund will change to the MSCI World ex USA Index Net.


    Effective January 1, 2018 the primary benchmark for the International Developed Markets fund will change to the MSCI World ex USA Index Net.


    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.


    The Tax-Managed International Equity Fund is a new fund. There can be no assurance that a new Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.


    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.


    For all Russell Investment Company 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 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.


    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 E

    The Emerging Markets Fund first issued Class E Shares on September 22, 1998. The returns shown for Class E Shares prior to that date are the returns of the Fund Class I Shares and do not reflect the deduction of shareholder services fees. Had it 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 Select International Equity Fund first issued Class S Shares on January 2, 2015. The returns shown for Class S prior to that date are the returns of the Fund's Class Y Shares.


    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.


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

    Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    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.

    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 T Shares prior to that date are the returns of the Fund’s Class S Shares.


    The Select International Equity Fund first issued Class T Shares on January 2, 2015. The returns shown for Class T 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 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 Select 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.


    First used: June 2017

    RIFiS 18795-I/GE


  • Alternative and Specialty Funds

    For the Commodity Strategies Fund, commodities are considered real assets — goods such as natural resources like oil or precious metals, livestock, or raw agricultural products such as soybeans or coffee beans — that are used to produce many of the products used around the world.


    The Commodity Strategies 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.


    The Commodity Strategies Fund invests directly, or indirectly through a wholly-owned subsidiary, in commodity-linked securities that provide exposure to the performance of the collateralized commodity futures market, and in other debt instruments.


    For the Commodities Strategies Fund, exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss. 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.


    The Commodity Strategies Fund may invest in foreign securities, which may be more volatile than investments in U.S. securities and will be subject to fluctuation and sudden economic and political developments. The fund may also invest in non-investment grade fixed-income securities, which involve higher volatility and higher risk of default than investment grade bonds.


    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.

    The Strategic Call Overwriting Funds' call option writing (selling) strategy may limit its opportunity to gain from an increase in the market value of its equity portfolio and, conversely, may not reduce the extent of Fund losses during market declines. The Fund uses multi–factor quantitative models to select stocks and guide its sale of index call options. Quantitative models may be flawed and may cause the Fund to underperform other funds with similar investment objectives and strategies. The Fund equity returns may not match or achieve a high degree of correlation with the returns of the S&P 500 Index due to differences in security holdings, operating expenses, transaction costs, cash flows, operational inefficiencies and tax considerations.


    For the Strategic Call Overwriting Fund, under normal circumstances, the Fund continuously writes (sells) index call options, typically on broad‐based securities market indexes. The Fund writes index call options within a predefined strike range (i.e., the price at which the call option can be exercised by the purchaser) which varies from slightly in‐the‐money to slightly to moderately out‐of‐the‐money, meaning that option exercise prices may be either higher or lower than the current price level of the index at the time the options are written. The Fund typically writes index call options with weekly and monthly tenors (i.e., the amount of time left until expiration).


    For all Russell Investment Company 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 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.


    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 E

    The Global Real Estate Securities Fund first issued Class E Shares on November 4, 1996. The returns shown for Class E Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower. Effective May 18, 1998, Class E Shares of the Fund no longer charged Rule 12b-1 distribution fees, which had reduced Class E returns prior to that date.


    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

    Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Commodity Strategies Fund, 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.

    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.


    First used: June 2017

    RIFiS 18795-Alts


  • Taxable and Tax-Exempt Fixed Income Funds

    Effective March 1, 2018 the Strategic Bond Fund’s investment objective will change from “The Fund seeks for provide current income, and as a secondary objective, capital appreciation.” to “The Fund seeks to provide total return.”

    The Unconstrained Total Return Fund is a new fund without operating history, which may result in additional risk. There can be no assurance that the fund will grow to an economically viable size, in which case the fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.


    The Unconstrained Total Return Fund is classified as a "non-diversified fund" under the Investment Company Act of 1940, as amended, which means that a relatively high percentage of the Fund's assets may be invested in a limited number of issuers.

    The Strategic Bond Fund, Tax-Exempt High Yield Bond Fund, Short Duration Bond Fund, Investment Grade Bond Fund, Global Opportunistic Credit Fund, and the Unconstrained Total Return 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 Global Opportunistic Credit,  Strategic Bond,  Investment Grade Bond, Short Duration Bond, Tax-Exempt Bond, Tax-Exempt High Yield Bond, and Unconstrained Total Return 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.


    For all Russell Investment Company 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 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.


    Depending on market conditions, the Unconstrained Total Return Fund may allocate a significant portion of its assets to cash in order to seek to achieve its objective.


    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 E

    The Short Duration Bond Fund first issued Class E Shares on February 19, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower.


    The Strategic Bond Fund first issued Class E Shares on May 17, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class I Shares and do not reflect the deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower.


    The Tax-Exempt Bond Fund first issued Class E Shares on May 17, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of shareholder services fees. Had it done so, the returns shown for that period would have been lower.


    The Investment Grade Bond Fund first issued Class E Shares on May 17, 1999. The returns shown for Class E Shares prior to that date are the returns of the Fund Class I Shares and do not reflect the deduction of shareholder services fees. 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.


    Funds Taxable and Tax-Exempt Fixed Income Class M

    Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Global Opportunistic Credit Fund, Short Duration Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt High Yield Bond Fund and Unconstrained Total Return 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.

    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.

    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.


    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.


    First used: December 2017

    RIFiS 19560-FI


  • Multi-Asset Funds

    The Multi-Asset Growth Strategy Fund is a new fund without an operating history, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

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


    For all Russell Investment Company 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 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.


    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

    Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Multi-Strategy Income 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.

    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.


    First used:September 2017

    RIFiS 19197-MA


  • Asset Classes

    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.

    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.


    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.


    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.

    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.


    RIFIS18409


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.

Site preferences