0002042513 rietf:S000107746Member rietf:ActiveManagementMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:AssetBackedCommercialPaperMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:AssetBackedSecurityMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:AuthorizedParticipantConcentrationRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:BankObligationsMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:CounterpartyRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:CurrencyRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:CurrencyTradingRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:CyberSecurityAndOtherOperationalRisksMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:DerivativesMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:DistressedSecuritiesMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:FixedIncomeSecurityMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:FundamentalInvestingRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:GlobalFinancialMarketsRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:GovernmentIssuedOrGuaranteedSecuritiesUSGovernmentSecuritiesMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:IlliquidInvestmentsMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:ImpactOfLargeShareholderTransactionsIncludingPossibleFundLiquidationMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:IndexBasedInvestingMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:LiquidityRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:LoansAndOtherDirectIndebtednessMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:MoneyMarketSecuritiesIncludingCommercialPaperMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:MortgageBackedSecurityMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:NewFundRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:NonInvestmentGradeDebtSecuritiesHighYieldOrJunkBondsMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:NonUSAndEmergingMarketsDebtMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:QuantitativeInvestingAndModelsMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:RepurchaseAgreementMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member oef:RiskLoseMoneyMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:SyntheticForeignEquityFixedIncomeSecuritiesMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:TradingRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:USAndNonUSCorporateDebtSecuritiesRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:VariableAndFloatingRateSecuritiesRiskMember 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:YankeeBondsAndYankeeCDsMember 2026-08-14 2026-08-14 0002042513 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member 2026-08-14 2026-08-14 0002042513 rietf:S000107746Member rietf:C000278721Member 2026-08-14 2026-08-14 iso4217:USD pure 0002042513 false 485BPOS 2026-08-14 N-1A RUSSELL INVESTMENTS EXCHANGE TRADED FUNDS 2026-08-16 Russell Investments Multisector Bond ETF Investment Objective (Non-Fundamental) <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund seeks to provide total return through a high level of current income and capital growth.</span></div> Fees and Expenses of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-weight:bold">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-weight:bold">purchases and sales of Shares of the Fund.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0049 0.0000 0.0049 The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year. Example <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic;margin-left:20pt">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">funds.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">operating expenses remain the same.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color:#000000;font-family:times new roman;font-size:1pt;line-height:1pt"> </span></div> 50 157 Portfolio Turnover <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the example, affect the Fund’s performance. Because the Fund has not yet commenced operations as of the date of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Prospectus, no portfolio turnover rate is available for the Fund.</span></div> Investments, Risks and Performance Principal Investment Strategies of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assets plus borrowings for investment purposes in bonds. Bonds are fixed income and floating rate securities representing </span><span style="color:#000000;font-family:times new roman;font-size:10pt">debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">forwards or derivatives such as options, futures contracts or swap agreements. The Fund invests in various tactical global </span><span style="color:#000000;font-family:times new roman;font-size:10pt">bond opportunities including high yield debt securities, emerging markets debt securities (including Brady Bonds), U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and non-U.S. corporate debt securities, Yankee Bonds (dollar denominated obligations issued in the U.S. by non-U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">banks and corporations), fixed income securities issued or guaranteed by the U.S. government (including Treasury </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Inflation Protected Securities and zero coupon securities) or by non-U.S. governments, or by any U.S. government or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">non-U.S. government agency or instrumentality (including emerging markets sovereign debt) and investment grade </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio management services for the Fund. The Fund is advised by RIM and a money manager unaffiliated with RIM.  </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In the future, the Fund may be advised by multiple money managers unaffiliated with RIM pursuant to a multi-manager </span><span style="color:#000000;font-family:times new roman;font-size:10pt">approach. RIM may change the Fund's asset allocation at any time. The Fund’s money manager selects the individual </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio instruments for the assets assigned to it. RIM manages assets not allocated to the money manager and utilizes </span><span style="color:#000000;font-family:times new roman;font-size:10pt">quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instruments which provide the desired exposures. RIM may use strategies based on indexes. RIM also manages any cash </span><span style="color:#000000;font-family:times new roman;font-size:10pt">held by the Fund.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">RIM determines the Fund’s allocations to fixed income sectors, the money manager's strategy and RIM’s strategies </span><span style="color:#000000;font-family:times new roman;font-size:10pt">based on RIM’s target strategic asset allocation, portfolio construction tools and Fund-level guidelines. The portfolio </span><span style="color:#000000;font-family:times new roman;font-size:10pt">construction process involves an analysis of tradeoffs between various risk and return factors as well as turnover and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transaction costs to estimate optimal portfolio positioning.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may invest</span><span style="color:#000000;font-family:times new roman;font-size:10pt">,</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">without limitation,</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> in debt securities that are rated below investment grade (commonly referred </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to as “high yield” or “junk bonds”) and in “distressed” debt securities. The Fund may invest in mortgage-backed and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">asset-backed securities. The Fund may invest without limitation in securities denominated in foreign currencies, in U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">dollar-denominated securities of foreign issuers and in developed and emerging markets debt securities. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Based on index </span><span style="color:#000000;font-family:times new roman;font-size:10pt">provider classifications, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund considers the following countries to have developed markets: Australia, Austria, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Belgium, Canada, Denmark, Finland, France, Germany, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Greece,</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options </span><span style="color:#000000;font-family:times new roman;font-size:10pt">for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does </span><span style="color:#000000;font-family:times new roman;font-size:10pt">not own and result in the Fund’s total investment exposure exceeding the value of its portfolio. The Fund may invest in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">synthetic foreign fixed income securities, which may be referred to as local access products and participation notes. Local </span><span style="color:#000000;font-family:times new roman;font-size:10pt">access products are similar to options in that they are exercisable by the holder for an underlying security or the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that security, but are generally exercisable over a longer term than typical options. The Fund usually, but not always, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exposes a portion of any cash held to changes in interest rates or market/sector returns by purchasing fixed income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities and/or derivatives, which typically include exchange traded fixed income futures contracts, total return swaps, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">index credit default swaps and to be announced (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">TBA</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">) securities. The Fund may also purchase loans and other direct </span><span style="color:#000000;font-family:times new roman;font-size:10pt">indebtedness, including bank loans (also called “leveraged loans”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and which may include “covenant lite” loans</span><span style="color:#000000;font-family:times new roman;font-size:10pt">). The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund may enter into repurchase </span><span style="color:#000000;font-family:times new roman;font-size:10pt">agreements. The Fund may invest in commercial paper, including asset-backed commercial paper. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">A portion of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">net assets may be “illiquid” investments. The Fund may invest in variable and floating rate securities. Please refer to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">Investment Objective and Investment Strategies</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> section in the Fund's Prospectus for further information.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assets plus borrowings for investment purposes in bonds. Bonds are fixed income and floating rate securities representing </span><span style="color:#000000;font-family:times new roman;font-size:10pt">debt obligations that typically require the issuer to repay the bondholders the principal amount borrowed and generally to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">pay interest. The Fund considers bonds to include fixed income equivalent instruments, which may be represented by </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">forwards or derivatives such as options, futures contracts or swap agreements. The Fund invests in various tactical global </span><span style="color:#000000;font-family:times new roman;font-size:10pt">bond opportunities including high yield debt securities, emerging markets debt securities (including Brady Bonds), U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and non-U.S. corporate debt securities, Yankee Bonds (dollar denominated obligations issued in the U.S. by non-U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">banks and corporations), fixed income securities issued or guaranteed by the U.S. government (including Treasury </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Inflation Protected Securities and zero coupon securities) or by non-U.S. governments, or by any U.S. government or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">non-U.S. government agency or instrumentality (including emerging markets sovereign debt) and investment grade </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div> The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may invest</span><span style="color:#000000;font-family:times new roman;font-size:10pt">,</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">without limitation,</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> in debt securities that are rated below investment grade (commonly referred </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to as “high yield” or “junk bonds”) and in “distressed” debt securities. The Fund may invest in mortgage-backed and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">asset-backed securities. The Fund may invest without limitation in securities denominated in foreign currencies, in U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">dollar-denominated securities of foreign issuers and in developed and emerging markets debt securities. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Based on index </span><span style="color:#000000;font-family:times new roman;font-size:10pt">provider classifications, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund considers the following countries to have developed markets: Australia, Austria, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Belgium, Canada, Denmark, Finland, France, Germany, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Greece,</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">United States. As a general rule, the Fund considers emerging market countries to include every other country. The Fund </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may invest in currency futures and options on futures, forward currency contracts, currency swaps and currency options </span><span style="color:#000000;font-family:times new roman;font-size:10pt">for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does </span><span style="color:#000000;font-family:times new roman;font-size:10pt">not own and result in the Fund’s total investment exposure exceeding the value of its portfolio. The Fund may invest in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">synthetic foreign fixed income securities, which may be referred to as local access products and participation notes. Local </span><span style="color:#000000;font-family:times new roman;font-size:10pt">access products are similar to options in that they are exercisable by the holder for an underlying security or the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that security, but are generally exercisable over a longer term than typical options. The Fund usually, but not always, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exposes a portion of any cash held to changes in interest rates or market/sector returns by purchasing fixed income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities and/or derivatives, which typically include exchange traded fixed income futures contracts, total return swaps, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">index credit default swaps and to be announced (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">TBA</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt">) securities. The Fund may also purchase loans and other direct </span><span style="color:#000000;font-family:times new roman;font-size:10pt">indebtedness, including bank loans (also called “leveraged loans”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and which may include “covenant lite” loans</span><span style="color:#000000;font-family:times new roman;font-size:10pt">). The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund may invest in obligations issued or guaranteed by U.S. or foreign banks. The Fund may enter into repurchase </span><span style="color:#000000;font-family:times new roman;font-size:10pt">agreements. The Fund may invest in commercial paper, including asset-backed commercial paper. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">A portion of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">net assets may be “illiquid” investments. The Fund may invest in variable and floating rate securities. Please refer to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">“</span><span style="color:#000000;font-family:times new roman;font-size:10pt">Investment Objective and Investment Strategies</span><span style="color:#000000;font-family:times new roman;font-size:10pt">”</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> section in the Fund's Prospectus for further information.</span></div> An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money. <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Fixed Income Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color:#000000;font-family:times new roman;font-size:10pt">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">downgraded in credit rating or go into default.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">U.S. and Non-U.S. Corporate Debt Securities Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Bonds issued or guaranteed by a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Non-investment grade debt securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Currency Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Non-U.S. securities that trade in, and receive revenues in, non-U.S. currencies are subject to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the U.S. dollar will decline in value relative to the currency being hedged. As a result, investments in non-U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">dollar-denominated securities and currencies may reduce the returns of the Fund.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Global Financial Markets Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Global financial markets are increasingly interconnected and conditions (including </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volatility and instability) and events (including </span><span style="color:#000000;font-family:times new roman;font-size:10pt">wars and armed conflicts, tariffs,</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> natural disasters, pandemics and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">epidemics) in one country, region or financial market may adversely impact issuers in a different country, region or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">financial market. In addition, governmental and quasi-governmental organizations have taken a number of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">unprecedented actions designed to support the markets. Such events and conditions may adversely affect the value </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of the Fund’s securities, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instruments or achieving the Fund’s objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Liquidity Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">achieving the Fund’s objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Illiquid Investments</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color:#000000;font-family:times new roman;font-size:10pt">been valued.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Active Management</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money manager </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expects. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment objectives and strategies. There is no guarantee that RIM will effectively assess the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio characteristics and it is possible that its judgments regarding the Fund's exposures may prove incorrect. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition, actions taken to manage Fund exposures, including risk, may be ineffective and/or cause the Fund to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underperform.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Fundamental Investing Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> A fundamental investment approach uses research and analysis of a variety of factors </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to create a forecast of company results, which is used to select securities. The process may result in an evaluation </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selection using a fundamental investment approach may also cause the Fund to underperform other funds with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">similar investment objectives and investment strategies even in a rising market.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Quantitative Investing and Models.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Quantitative inputs and models use historical company, economic and/or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">industry data to evaluate prospective investments or to generate forecasts which could result in incorrect </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assessments of the specific portfolio characteristics or ineffective adjustments to the Fund’s exposures. Securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">selected using quantitative analysis may perform differently than analysis of their historical trends would suggest. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Inputs or models may be flawed or not work as anticipated and may cause the Fund to underperform other funds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">with similar investment objectives and strategies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Derivatives</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derivatives instruments can pose additional, and often greater, risks than investing </span><span style="color:#000000;font-family:times new roman;font-size:10pt">directly in conventional securities, currencies or other instruments. The Fund may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">lose more than the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">amount </span><span style="color:#000000;font-family:times new roman;font-size:10pt">initially </span><span style="color:#000000;font-family:times new roman;font-size:10pt">invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">rates or to sudden fluctuations in market prices and thus the Fund’s losses may be greater if it invests in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derivatives than if it invests only in conventional securities. The use of derivative instruments involves risks </span><span style="color:#000000;font-family:times new roman;font-size:10pt">different from, and possibly greater than, the risks associated with investing directly in equity or fixed income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, currencies or other instruments. Derivatives are generally subject to a number of risks </span><span style="color:#000000;font-family:times new roman;font-size:10pt">including</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that the other party in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">an agreement will fail to perform its obligations), management risk, operational risk and legal risk. Certain of these </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risks do not apply to derivative instruments entered into for hedging or cash equitization, and certain cleared </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derivative instruments. Derivatives also involve the risk of mispricing or improper valuation and the risk that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">changes in the value of the derivative instrument may not correlate exactly with the change in the value of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underlying asset, rate or index.</span></div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Index-Based Investing. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Index-based strategies (including index replication which seeks to purchase the securities in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">an index or a blend of indexes and optimized index sampling which seeks to purchase a sampling of securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">using optimization and risk models), which may be used to gain desired Fund exposures, may cause the Fund's </span><span style="color:#000000;font-family:times new roman;font-size:10pt">returns to be lower than if the Fund employed a fundamental investment approach to security selection with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">respect to that portion of its portfolio. Additionally, index-based strategies are subject to “tracking error” risk, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">which is the risk that the performance of the portion of the Fund's portfolio utilizing an index-based strategy will </span><span style="color:#000000;font-family:times new roman;font-size:10pt">differ from the performance of the index it seeks to track.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Mortgage-Backed Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Mortgage-backed securities may be affected by, among other things, changes or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">perceived changes in interest rates, factors concerning the interests in and structure of the issuer or the originator </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of the mortgage, or the quality of the underlying assets. The underlying assets may default or decline in quality or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Distressed Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in distressed securities inherently have more credit risk than investments in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">non-distressed issuers. In the event that an issuer of distressed securities defaults or initiates insolvency </span><span style="color:#000000;font-family:times new roman;font-size:10pt">proceedings, the Fund may lose all of its investment in the distressed securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Asset-Backed Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Payment of principal and interest on asset-backed securities may be largely dependent </span><span style="color:#000000;font-family:times new roman;font-size:10pt">upon the cash flows generated by the assets backing the securities and asset-backed securities may not have the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">benefit of any security interest in the related assets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Loans and Other Direct Indebtedness.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Loans and other direct indebtedness involve the risk that payment of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">principal, interest and other amounts due in connection with these investments may not be received. The highly </span><span style="color:#000000;font-family:times new roman;font-size:10pt">leveraged nature of many such loans, including bank loans, and other direct indebtedness may make such loans </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions and/or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">changes in the financial condition of the debtor. Investments in bank loans are typically subject to the risks of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">floating rate securities. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">“Covenant-lite” loans are generally subject to more risk than investments that contain </span><span style="color:#000000;font-family:times new roman;font-size:10pt">traditional financial maintenance covenants and financial reporting requirements.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-U.S. and Emerging Markets Debt</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color:#000000;font-family:times new roman;font-size:10pt">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investor protections and disclosure standards.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Bank Obligations</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The banking industry may be particularly susceptible to certain economic factors such as interest </span><span style="color:#000000;font-family:times new roman;font-size:10pt">rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic </span><span style="color:#000000;font-family:times new roman;font-size:10pt">cycles. The banking industry may also be impacted by legal and regulatory developments.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Money Market Securities (Including Commercial Paper)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Prices of money market securities generally rise and fall </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in response to interest rate changes.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Asset-Backed Commercial Paper</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investment in asset-backed commercial paper is subject to the risk that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">insufficient proceeds from the projected cash flows of the contributed receivables are available to repay the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">commercial paper.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Repurchase Agreements</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Yankee Bonds and Yankee CDs</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Issuers of Yankee Bonds and Yankee CDs are not necessarily subject to the same </span><span style="color:#000000;font-family:times new roman;font-size:10pt">regulatory requirements that apply to U.S. corporations and banks.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Synthetic Foreign Equity/Fixed Income Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in these instruments involve the risk that the issuer </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of the instrument may default on its obligation to deliver the underlying security or its value. These instruments </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may also be subject to liquidity risk, currency risk and the risks associated with investments in non-U.S. securities. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition, the exercise or settlement date may be affected by certain market disruption events which could cause </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the local access products to become worthless if the events continue for a period of time.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Variable and Floating Rate Securities Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Variable and floating rate securities generally are less sensitive to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest </span><span style="color:#000000;font-family:times new roman;font-size:10pt">rates in general.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Counterparty Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Counterparty risk is the risk that the other party or parties to an agreement or a participant to a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">failing to fulfill the obligations of the contract or transaction.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Currency Trading Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the price of the currency agreed to be sold.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Authorized Participant Concentration Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Only an authorized participant may engage in creation or redemption </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transactions directly with the Fund. The Fund has a limited number of intermediaries that act as authorized </span><span style="color:#000000;font-family:times new roman;font-size:10pt">participants and none of these authorized participants is or will be obligated to engage in creation or redemption </span><span style="color:#000000;font-family:times new roman;font-size:10pt">transactions. To the extent that these intermediaries do not proceed with creation and/or redemption orders, Shares </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Trading Risk. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The market prices of Shares are expected to fluctuate, in some cases materially, in response to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">changes in a Fund’s NAV, the intra-day value of the Fund’s holdings, and supply and demand for Shares. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an </span><span style="color:#000000;font-family:times new roman;font-size:10pt">active trading market for the Shares may result in the shares trading significantly above (at a premium) or below </span><span style="color:#000000;font-family:times new roman;font-size:10pt">(at a discount) to NAV or to the intraday value of the Fund’s holdings. You may pay significantly more or receive </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significantly less than a Fund’s NAV per share during periods when there is a significant premium or discount. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Buying or selling shares in the secondary market may require paying brokerage commissions or other charges. In </span><span style="color:#000000;font-family:times new roman;font-size:10pt">addition, the market price of Shares includes a “bid-ask spread” charged by the market makers or other participants </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that trade the particular security. The spread of a Fund’s Shares varies over time based on the Fund’s trading </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volume and market liquidity and may increase if the Fund’s trading volume, the spread of the Fund’s underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, or market liquidity decrease. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">To the extent that the Fund’s underlying securities trade on foreign </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exchanges or in foreign markets that may be closed when the exchange on which the Fund’s Shares trade is open, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">there are likely to be deviations between the last quote for a security from the closed foreign exchange or market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and the value of the security during the Shares’ trading day. This could in turn lead to differences between the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market price of the Shares and the underlying value of the Shares.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Impact of Large Shareholder Transactions (Including Possible Fund Liquidation).</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may experience </span><span style="color:#000000;font-family:times new roman;font-size:10pt">certain adverse effects when certain shareholders, including other funds or accounts managed by RIM, purchase or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sell large amounts of Shares of the Fund. Sales of large amounts of Shares may adversely affect the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">redemptions through an authorized participant, rather than executed in the secondary market. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Cash </span><span style="color:#000000;font-family:times new roman;font-size:10pt">redemptions </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could result in the Fund being forced to sell portfolio securities at a loss or before RIM would otherwise decide to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">do so and may also accelerate the realization of taxable income to shareholders, which could make investments in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares less tax-efficient than an investment in an ETF that is able to effect redemptions in-kind. To the extent </span><span style="color:#000000;font-family:times new roman;font-size:10pt">large shareholders transact in Shares on the secondary market, such transactions may account for a large </span><span style="color:#000000;font-family:times new roman;font-size:10pt">percentage of the trading volume on the exchange and may, therefore, have a material upward or downward effect </span><span style="color:#000000;font-family:times new roman;font-size:10pt">on the market price of the Shares. Large redemptions may also result in higher and/or accelerated levels of realized </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capital gains or losses with respect to the Fund’s portfolio securities, higher Fund cash levels, higher brokerage </span><span style="color:#000000;font-family:times new roman;font-size:10pt">commissions and other transaction costs, among other negative consequences such as reduced liquidity in the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s portfolio. As a result, large redemption activity could adversely affect the Fund’s ability to conduct its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment program which, in turn, could adversely impact the Fund’s performance or may result in the Fund no </span><span style="color:#000000;font-family:times new roman;font-size:10pt">longer remaining at an economically viable size, in which case the Fund may cease operations.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">New Fund Risk. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund is a new Fund which may result in additional risk. There can be no assurance that the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund will grow to an economically viable size, in which case the Fund may cease operations. Investors may be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">required to liquidate or transfer their investments at an inopportune time. Because the Fund is new, it may be more </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significantly affected by purchases and redemptions of its creation units (“Creation Units”) than a fund with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">relatively greater assets under management. As compared to a larger fund, a new or smaller fund is more likely to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sell a comparatively large portion of its portfolio to meet significant Creation Unit redemptions or invest a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">comparatively large amount of cash to facilitate Creation Unit purchases. Such transactions may cause the Fund to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">make investment decisions at inopportune times or miss attractive investment opportunities, accelerate the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">realization of taxable income or otherwise cause the Fund to perform differently than intended.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Cyber Security and Other Operational Risks. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">An investment in the Fund, like any fund, can involve operational </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risks. In addition, other disruptive events may adversely affect the Fund’s ability to conduct business. While the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund seeks to minimize such risks and events through controls and oversight, including business continuity plans </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and risk management systems, there may still be events or failures that could cause losses to the Fund. In addition, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund may be susceptible to operational risks through breaches in cyber security. A cyber security breach may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">cause sensitive information (including relating to personally identifiable information of investors) to be lost, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">improperly accessed, used or disclosed. The Fund and its shareholders could be negatively impacted by such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">disruptive events or cyber security incidents</span><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Corporation or any other government agency.</span></div> Performance <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">completion of a full calendar year of investment operations by the Fund, this section will include charts that provide some </span><span style="color:#000000;font-family:times new roman;font-size:10pt">indication of the risks of an investment in the Fund, by showing the difference in annual total returns, highest and lowest </span><span style="color:#000000;font-family:times new roman;font-size:10pt">quarterly returns and average annual total returns (before and after taxes) compared to the benchmark index selected for </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the Fund. Performance information for the Fund will be available online at https://russellinvestments.com.</span></div> As of the date hereof, the Fund has not yet completed a full calendar year of investment operations. Upon the completion of a full calendar year of investment operations by the Fund, this section will include charts that provide some indication of the risks of an investment in the Fund, by showing the difference in annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to the benchmark index selected for the Fund. https://russellinvestments.com The Fund’s advisory agreement provides that Russell Investment Management, LLC (“RIM”), the Fund’s investment adviser, will pay all expenses of the Fund except for payments under the Fund’s 12b-1 plan, if any, interest expenses, dividend and interest expenses related to short sales, taxes, the expenses of other investment companies in which the Fund invests which are borne indirectly by the Fund, brokerage commissions and any other transaction-related expenses and fees arising out of transactions effected on behalf of the Fund, costs of holding shareholder meetings, costs of any securities lending program, any and all costs, fees and expenses, including legal fees, associated with litigation or potential litigation, any and all contingency fees paid to vendors out of amounts received by the Fund (for example, contingency fees paid to vendors for foreign tax reclaims and contingency fees paid to vendors for certain securities litigation recoveries) and any infrequent and/or unusual expenses. The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.