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Expenses of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The following tables describe the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">In addition to the fees and expenses described below, you may also be required to pay brokerage commissions on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">purchases and sales of Class S Shares of the Fund. You may qualify for sales charge discounts if you and your family </span><span style="color:#000000;font-family:times new roman;font-size:10pt">invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. In addition, Financial </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Intermediaries (as defined below in the Additional Information section) may impose different sales loads and waivers. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">More information about these and other discounts is available from your Financial Intermediary and in the Front-End </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Sales Charges and More About Deferred Sales Charges sections beginning on pages </span><span style="color:#000000;font-family:times new roman;font-size:10pt">40</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">42</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, respectively, of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Prospectus, and in the Purchase, Exchange and Redemption of Fund Shares section, beginning on page </span><span style="color:#000000;font-family:times new roman;font-size:10pt">16</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Statement of Additional Information. Please see the Expense Notes section of the Fund’s Prospectus for further </span><span style="color:#000000;font-family:times new roman;font-size:10pt">information regarding expenses of the Fund.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Russell Investment Company Funds. 50000 Shareholder Fees (fees paid directly from your investment)  0.0375 0 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#  0.0200 0.0200 0.0025 0 0.0068 0.0068 0.0293 0.0268 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">mutual funds.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">operating expenses remain the same.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">Although your actual costs may be higher or lower, under these assumptions your costs would be:</span><span style="color:#000000;font-family:times new roman;font-size:1pt;line-height:1pt"> </span></div> 660 271 1248 832 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 seeks to achieve its investment objective by employing a “multi-strategy and multi-manager” approach </span><span style="color:#000000;font-family:times new roman;font-size:10pt">whereby Russell Investment Management, LLC (“RIM”) allocates the Fund’s assets to a diverse range of alternative </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment strategies and utilizes multiple money managers to pursue those strategies. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Pursuant to the Fund’s alternative </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment strategies, the Fund may invest in a broad range of instruments, markets and asset classes economically tied to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">U.S., foreign and emerging markets. While the Fund will primarily use derivatives to implement its investment strategies, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments may also include equity securities and fixed income securities. The Fund may take both long and short </span><span style="color:#000000;font-family:times new roman;font-size:10pt">positions. A long position is one with the expectation that the underlying asset will rise in value. A short position is one </span><span style="color:#000000;font-family:times new roman;font-size:10pt">with the expectation that the underlying asset will decline in value.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">RIM may change the Fund’s asset allocation at any time. With the exception of Efficient Capital Management, LLC </span><span style="color:#000000;font-family:times new roman;font-size:10pt">(“Efficient”), the Fund’s money managers select the individual portfolio instruments for the assets assigned to them. </span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Efficient recommends certain Fund money managers to RIM, directs those money managers with respect to target </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volatility levels and advises RIM with respect to the Fund’s allocations among those money managers. RIM manages the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s cash balances. </span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund uses Active Long-Volatility Biased and Tactical Trading alternative investment strategies. Each strategy </span><span style="color:#000000;font-family:times new roman;font-size:10pt">includes multiple sub-strategies.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:20pt">Active Long-Volatility Biased Strategy:</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Seeks gains from changes in market volatility, volatility dislocations </span><span style="color:#000000;font-family:times new roman;font-size:10pt">(meaning periods when investments tied to market volatility appear unusually expensive or inexpensive or are priced </span><span style="color:#000000;font-family:times new roman;font-size:10pt">differently across related instruments or markets)</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and other market conditions associated with increased uncertainty or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market stress. The strategy generally maintains a long-volatility bias </span><span style="color:#000000;font-family:times new roman;font-size:10pt">(meaning it generally holds positions that are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expected to benefit when markets become more volatile, including during sharp market declines or other large market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">movements)</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> and may seek to provide positive convexity (meaning gains may increase at an accelerating rate as market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">volatility rises or markets decline sharply). The strategy may also employ active trading, relative value positions or other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">techniques intended to mitigate negative carry (meaning the ongoing cost of maintaining positions that may lose value or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">generate losses over time in stable or rising markets). Active Long-Volatility Biased sub-strategies include:</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Relative Value Volatility Sub-Strategy</span><span style="color:#000000;font-family:times new roman;font-size:10pt">: Seeks gains from perceived mispricing among related volatility instruments, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities or markets. These long or short opportunities may arise in equity, interest rate or foreign exchange </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">volatility, as well as in convertible or hybrid instruments, corridor or variance structures (types of derivatives </span><span style="color:#000000;font-family:times new roman;font-size:10pt">whose returns are based on how much and how often an asset’s price moves within a specified range), or other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derivatives that a money manager believes are trading at a premium or discount to fair value.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Dispersion Sub-Strategy</span><span style="color:#000000;font-family:times new roman;font-size:10pt">: Seeks gains from differences in volatility between an index and its underlying </span><span style="color:#000000;font-family:times new roman;font-size:10pt">constituents. This sub-strategy typically involves positions that are long individual security volatility and short </span><span style="color:#000000;font-family:times new roman;font-size:10pt">index volatility, and may include other forms of dispersion trading (an approach that seeks to profit when the price </span><span style="color:#000000;font-family:times new roman;font-size:10pt">movements or implied volatilities of individual securities diverge from those of a broader index or from each </span><span style="color:#000000;font-family:times new roman;font-size:10pt">other).</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Cross-Asset Long Volatility Sub-Strategy</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;font-weight:bold;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Seeks gains from outright or actively managed long-volatility exposures </span><span style="color:#000000;font-family:times new roman;font-size:10pt">across equity, interest rate and foreign exchange markets. The sub-strategy may maintain long volatility exposure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">across a range of underlying markets and adjust the level, mix or location of that exposure over time based on </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market conditions, volatility levels or a money manager’s assessment of relative opportunities. It may seek to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">benefit from volatility spikes, rapid repricing events or other market dislocations.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Carry Mitigation and Funding Sub-Strategy</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;font-weight:bold;line-height:12pt"> </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Seeks to offset some of the cost of maintaining long-volatility </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exposure by investing in positions that a money manager believes may generate positive returns in more benign </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market environments, while seeking to limit the extent to which such positions reduce the portfolio’s convexity in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">stressed conditions.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Convexity Overlay and Tail Risk Hedging Sub-Strategy</span><span style="color:#000000;font-family:times new roman;font-size:10pt">: Seeks gains from positions intended to increase the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio’s responsiveness to severe market selloffs, sharp volatility spikes or other extreme market events. The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sub-strategy may include downside hedges, long gamma positions (positions that are designed to become more </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sensitive to market movements as prices change, so that gains may increase as markets move sharply), options </span><span style="color:#000000;font-family:times new roman;font-size:10pt">structures or other convexity-oriented positions, used alone or in combination with other sub-strategies.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </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;font-style:italic;font-weight:bold;margin-left:20pt">Tactical Trading Strategy:</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Seeks gains across global markets from price trends, relative value relationships, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">macroeconomic developments and other market conditions affecting equities, interest rates, commodities, government </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, currencies and futures. The strategy may take long or short positions and seek to benefit from sustained </span><span style="color:#000000;font-family:times new roman;font-size:10pt">directional price movements, changing relationships among related assets, or shifts in economic, monetary, fiscal, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">geopolitical or other systemic conditions.</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">Tactical Trading sub-strategies include:</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Trend-Following Sub-Strategy</span><span style="color:#000000;font-family:times new roman;font-size:10pt">: Seeks gains from upward or downward price movements across global markets, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">including equity, interest rate, currency and commodity markets. The sub-strategy generally uses systematic models </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to identify and respond to persistent price trends, momentum patterns or related market signals.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;text-decoration:underline">Relative Value and Cross-Market Sub-Strategy</span><span style="color:#000000;font-family:times new roman;font-size:10pt">: Seeks gains from perceived mispricing or changing relationships </span><span style="color:#000000;font-family:times new roman;font-size:10pt">among related markets, instruments or asset classes. Opportunities may arise across countries, regions, yield </span><span style="color:#000000;font-family:times new roman;font-size:10pt">curves, currencies, commodity curves, equity indices, cash securities and related derivatives, or other instruments </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that a money manager believes are trading at a premium or discount to fair value. The sub-strategy is generally </span><span style="color:#000000;font-family:times new roman;font-size:10pt">designed to limit unwanted market exposure and may be implemented through diversified positions intended to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">enhance the portfolio’s overall risk/return profile.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </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">The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund may invest in currency futures and options on futures, forward currency contracts and currency options for </span><span style="color:#000000;font-family:times new roman;font-size:10pt">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;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may invest in equity securities of issuers of any market capitalization which are economically tied to U.S. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and non-U.S. countries, including emerging markets countries. These securities may include common stocks, preferred </span><span style="color:#000000;font-family:times new roman;font-size:10pt">stocks, rights, warrants, convertible securities and depositary receipts. The Fund’s investments in convertible securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may include contingent convertible securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">, which provide for mandatory conversion into common stock of the issuer </span><span style="color:#000000;font-family:times new roman;font-size:10pt">under certain circumstances</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">Based on index provider classifications, the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund considers emerging market countries to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">include every country in the world except Australia, Austria, 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 Netherlands, New Zealand, Norway, Portugal, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may also invest in fixed income securities of any credit quality and maturity, including fixed income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities that are rated below investment grade (commonly referred to as “high yield” or “junk bonds”) and in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">debt </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">securities that are the subject of bankruptcy proceedings, in default as to the payment of principal or interest or rated in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the lowest rating category (</span><span style="color:#000000;font-family:times new roman;font-size:10pt">“distressed</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </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">”)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund may invest in U.S. and non-U.S. corporate fixed income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities, Yankee Bonds (dollar-denominated obligations issued in the U.S. by non-U.S. banks and corporations) and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">fixed income securities issued or guaranteed by the U.S. government (including Treasury Inflation Protected Securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and zero coupon securities) or by non-U.S. governments, or by their respective agencies and instrumentalities, as well as </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in emerging markets debt securities. The Fund may also invest in variable and floating rate securities. The Fund may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">enter into repurchase agreements and reverse repurchase agreements.</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 up to 25% of its total assets in a wholly-owned subsidiary of the Fund (the “Subsidiary”) </span><span style="color:#000000;font-family:times new roman;font-size:10pt">organized as a company under the laws of the Cayman Islands. The Fund may invest directly or indirectly through the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Subsidiary in commodity-linked derivative instruments (including futures and options contracts with respect to indexes or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">individual commodities, options on futures contracts, swap agreements and swaptions), exchange-traded funds, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">exchange-traded notes and commodity-linked securities that together are intended to provide exposure to the performance </span><span style="color:#000000;font-family:times new roman;font-size:10pt">of the commodity futures market. The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s commodity exposure will be to traditional commodities such as energy </span><span style="color:#000000;font-family:times new roman;font-size:10pt">products, precious and industrial metals, grains, soft commodities and livestock. The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portion of the Fund’s or the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Subsidiary’s assets exposed to any particular commodity or commodity sector will vary based on market conditions, but </span><span style="color:#000000;font-family:times new roman;font-size:10pt">from time to time the portion could be substantial.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund’s or the Subsidiary’s use of derivatives may cause the Fund’s or Subsidiary’s investment returns to be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">impacted by the performance of securities the Fund or the Subsidiary does not own and result in the Fund’s or the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Subsidiary’s total investment exposure exceeding the value of its portfolio.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may invest in pooled investment vehicles, including other investment companies such as exchange-traded </span><span style="color:#000000;font-family:times new roman;font-size:10pt">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">A portion of the Fund’s net assets may be “illiquid” investments.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">The Fund may invest in synthetic foreign equity securities, which may be referred to as international warrants, local </span><span style="color:#000000;font-family:times new roman;font-size:10pt">access products, participation notes or low exercise price warrants. International warrants are a form of derivative security </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular </span><span style="color:#000000;font-family:times new roman;font-size:10pt">price or give holders the right to receive cash payment relating to the value of the underlying security or securities. Local </span><span style="color:#000000;font-family:times new roman;font-size:10pt">access products are similar to options in that they are exercisable by the holder for an underlying security or the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that security, but are generally exercisable over a longer term than typical options.</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 engage in active and frequent trading of portfolio securities to achieve its principal investment </span><span style="color:#000000;font-family:times new roman;font-size:10pt">strategies.</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 is classified as a “non-diversified fund” under the Investment Company Act of 1940, as amended, which </span><span style="color:#000000;font-family:times new roman;font-size:10pt">means that a relatively high percentage of the Fund’s assets may be invested in a limited number of issuers.</span><span style="color:#000000;font-family:times new roman;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;margin-left:20pt">Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further </span><span style="color:#000000;font-family:times new roman;font-size:10pt">information.</span></div> An investment in the Fund, like any investment, has risks. The value of the Fund fluctuates and you could lose money. <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Alternative Investment Strategies Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may use alternative investment strategies that involve investment </span><span style="color:#000000;font-family:times new roman;font-size:10pt">techniques and risks different from those of more traditional mutual funds. These strategies may involve, among </span><span style="color:#000000;font-family:times new roman;font-size:10pt">other things, complex combinations of systematic trend signals, managed futures strategies, multi-asset trading, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derivatives-based exposures, volatility-related strategies, relative value trades, carry mitigation techniques, dynamic </span><span style="color:#000000;font-family:times new roman;font-size:10pt">position adjustments and tail risk hedging. These strategies may be more difficult to implement successfully than </span><span style="color:#000000;font-family:times new roman;font-size:10pt">traditional long-only strategies and may perform differently than expected in rising, falling, range-bound, volatile </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or illiquid markets. Strategy complexity may increase the risk of implementation errors, unintended exposures, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">ineffective hedging, inaccurate risk measurement, liquidity constraints, higher transaction costs and operational </span><span style="color:#000000;font-family:times new roman;font-size:10pt">failures. The Fund’s performance may be driven by multiple interacting factors, and losses may occur for reasons </span><span style="color:#000000;font-family:times new roman;font-size:10pt">that are difficult to identify or anticipate. There can be no assurance that the Fund’s alternative investment </span><span style="color:#000000;font-family:times new roman;font-size:10pt">strategies will achieve their intended results, reduce volatility, provide diversification, offset losses from other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments or generate positive returns. The Fund may allocate assets among strategies because they are expected </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">to behave differently across market environments. Correlations among strategies, markets and instruments are not </span><span style="color:#000000;font-family:times new roman;font-size:10pt">stable and may change quickly, particularly during periods of market stress, deleveraging, rapid reversals or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">reduced liquidity. Strategies expected to diversify one another may experience losses at the same time, and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">positions intended to offset or hedge one another may fail to do so. The Fund may emphasize strategies that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underperform, reduce exposure to strategies that later perform well, or reallocate at unfavorable times.</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">Hedge Ineffectiveness Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may use hedges or offsetting positions intended to reduce risk or improve </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the risk profile of a strategy. Hedges may not perform as expected because of incorrect sizing, timing or market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">relationships, and may reduce gains, increase costs or cause losses. There can be no assurance that any hedge or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">offsetting position will protect the Fund from loss.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Long and Short Positions Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may take both long and short positions across multiple asset classes and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">markets. Long positions may decline in value and short positions may increase in value, causing losses. Short </span><span style="color:#000000;font-family:times new roman;font-size:10pt">positions may involve substantial or theoretically unlimited losses. Long and short positions may also increase </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio turnover, transaction costs, margin requirements and the complexity of the Fund’s risk profile.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Multi-Asset Tactical Trading Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund’s tactical trading strategy may involve positions across equities, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">interest rates, commodities, currencies, futures and other markets. These markets may respond differently to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">economic, political, monetary, liquidity or other market developments, and a money manager may incorrectly </span><span style="color:#000000;font-family:times new roman;font-size:10pt">assess the direction, timing or magnitude of market movements. Losses may occur across multiple asset classes at </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the same time, particularly during periods of market stress or when historical market relationships break down.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family: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">Trend-Following Strategies Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Trend-following strategies seek to identify and profit from sustained upward or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">downward price movements, but such trends may not develop, may be short-lived or may reverse suddenly. These </span><span style="color:#000000;font-family:times new roman;font-size:10pt">strategies may perform poorly in range-bound, choppy, low-volatility or whipsaw markets </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">where price movements </span><span style="color:#000000;font-family:times new roman;font-size:10pt">trigger trading signals and then quickly reverse) and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may result in increased trading, transaction costs and losses. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Managed futures strategies may perform poorly during periods when futures markets are trendless, volatile in a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">non-directional manner, subject to rapid reversals or affected by government, central bank or regulatory </span><span style="color:#000000;font-family:times new roman;font-size:10pt">intervention. Managed futures exposure may also create substantial variation in the Fund’s returns over short </span><span style="color:#000000;font-family:times new roman;font-size:10pt">periods.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family: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">Convexity and Tail Risk Hedging Strategies Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may use downside hedges, long gamma positions, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">options structures or other convexity-oriented positions intended to increase the Fund’s responsiveness to severe </span><span style="color:#000000;font-family:times new roman;font-size:10pt">market selloffs, sharp volatility spikes or other extreme events. These positions may not perform as expected and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">may expire worthless, decline in value or fail to offset losses in other parts 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">Volatility Strategies Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may use strategies that seek to generate returns from changes in realized or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">implied volatility, volatility relationships, or other volatility-related market characteristics. These strategies may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">perform poorly when volatility behaves differently than expected and may be highly sensitive to changes in market </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prices, time to expiration, interest rates, dividends, liquidity, market positioning and market stress. Volatility </span><span style="color:#000000;font-family:times new roman;font-size:10pt">strategies may involve long-volatility, short-volatility, relative value, dispersion, correlation, cross-asset or dynamic </span><span style="color:#000000;font-family:times new roman;font-size:10pt">positioning strategies and may experience substantial losses if volatility relationships or market conditions change </span><span style="color:#000000;font-family:times new roman;font-size:10pt">unexpectedly. Long-volatility positions may involve ongoing costs and negative carry that reduce returns over time, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">while short-volatility exposure may result in large or rapidly increasing losses during periods of market stress or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">rising volatility. Volatility instruments and related structures may be complex, less liquid than anticipated and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">subject to sudden repricing.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family: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">Carry Mitigation and Funding Strategy Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund may use carry-generating, relative value or other funding </span><span style="color:#000000;font-family:times new roman;font-size:10pt">trades intended to offset some of the cost of maintaining long-volatility exposure. These trades may not generate </span><span style="color:#000000;font-family:times new roman;font-size:10pt">sufficient returns to offset negative carry and may create losses, particularly during periods of market stress or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">rising volatility. Carry mitigation and funding positions may also reduce the Fund’s intended convexity or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">defensive characteristics during stressed markets and may increase losses rather than offset the cost of maintaining </span><span style="color:#000000;font-family:times new roman;font-size:10pt">long-volatility exposure.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-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">derivative</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> 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 lose more than the amount </span><span style="color:#000000;font-family:times new roman;font-size:10pt">initially invested. Compared to conventional securities, derivatives can be more sensitive to changes in interest </span><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. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Derivatives are generally subject to a number of risks </span><span style="color:#000000;font-family:times new roman;font-size:10pt">including leveraging risk, liquidity risk, market risk, credit risk, default risk, counterparty risk (the risk that the </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:29pt;text-align:left;"><span style="color:#000000;font-family:times new roman;font-size:10pt">other party in an agreement will fail to perform its obligations), management risk, operational risk and legal risk. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Certain of these risks do not apply to derivative instruments entered into for hedging or cash equitization, certain </span><span style="color:#000000;font-family:times new roman;font-size:10pt">cleared derivative instruments, and written options contracts. Derivatives also involve the risk of mispricing or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">improper valuation and the risk that changes in the value of the derivative instrument may not correlate exactly </span><span style="color:#000000;font-family:times new roman;font-size:10pt">with the change in the value of the 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">Commodity Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Exposure to the commodities markets may subject the Fund to greater volatility than investments </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative </span><span style="color:#000000;font-family:times new roman;font-size:10pt">instruments may be affected by changes in overall market movements, commodity index volatility, changes in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">interest rates or sectors affecting a particular industry or commodity and international economic, political and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased </span><span style="color:#000000;font-family:times new roman;font-size:10pt">return, but also creates the possibility for a greater loss.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Equity Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The value of equity securities will rise and fall in response to the activities of the company that </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issued them, general market conditions and/or economic conditions. Investments in small and medium </span><span style="color:#000000;font-family:times new roman;font-size:10pt">capitalization companies may involve greater risks because these companies generally have narrower markets, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">more limited managerial and financial resources and a less diversified product offering than larger, more </span><span style="color:#000000;font-family:times new roman;font-size:10pt">established companies. Small and some medium capitalization stocks may also be thinly traded, and thus, difficult </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to buy and sell in the market. Investments in preferred stocks are subject to the risks of common stocks, as well as </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the risk that interest rates will rise and make the fixed dividend feature, if any, less appealing to investors resulting </span><span style="color:#000000;font-family:times new roman;font-size:10pt">in a decline in price.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-U.S. and Emerging Markets Securities.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Non-U.S. securities have risks relating to political, economic, social </span><span style="color:#000000;font-family:times new roman;font-size:10pt">and regulatory conditions in foreign countries. Non-U.S. securities may also be subject to risk of loss because of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">more or less foreign government regulation, less public information and less stringent investor protections and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">disclosure standards. The risks associated with non-U.S. securities may be amplified for emerging markets </span><span style="color:#000000;font-family:times new roman;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Fixed Income Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Prices of fixed income securities generally rise and fall in response to, among other </span><span style="color:#000000;font-family:times new roman;font-size:10pt">things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Fund’s investments in fixed income securities could lose money. In addition, the Fund could lose money if the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make </span><span style="color:#000000;font-family:times new roman;font-size:10pt">timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">downgraded in credit rating or go into default.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">U.S. and Non-U.S.Corporate Debt Securities Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investments in U.S. and non-U.S. corporate debt securities are </span><span style="color:#000000;font-family:times new roman;font-size:10pt">subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prospects of individual issuers. Non-U.S. corporate debt securities may expose the Fund to greater risk than </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments in U.S. corporate debt securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Government Issued or Guaranteed Securities, U.S. Government Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Bonds issued or guaranteed by a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">government are subject to inflation risk, price depreciation risk and default risk.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-Investment Grade Debt Securities (“High Yield” or “Junk Bonds”)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Non-investment grade debt securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">involve higher volatility and higher risk of default than investment grade bonds.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Non-U.S. and Emerging Markets Debt</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The value of an investment in non-U.S. and emerging markets debt may be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">affected by political, economic or social conditions or foreign currency exchange rates. Prices of emerging markets </span><span style="color:#000000;font-family:times new roman;font-size:10pt">debt can be severely affected not only by rising interest rates and adverse currency fluctuations, but also by the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">deterioration of credit quality or default by the issuer. Non-U.S. and emerging markets debt may also be subject to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">risk of loss because of more or less foreign government regulation, less public information and less stringent </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investor protections and disclosure standards.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">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">Non-Diversification Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Investing a relatively high percentage of assets in the securities of a single issuer or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">group of issuers, may cause performance to be more vulnerable to changes in the market value of the single issuer </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory </span><span style="color:#000000;font-family:times new roman;font-size:10pt">occurrence.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Liquidity Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The market for certain investments may become illiquid or less liquid (i.e., there may be a </span><span style="color:#000000;font-family:times new roman;font-size:10pt">significant reduction in trading activity, including in the number of market participants or transactions, in such </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments) under adverse or volatile market or economic conditions, making those investments difficult to sell. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">The market price of certain investments may fall dramatically if there is no liquid trading market. For derivatives, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">this also includes the risk involving liquidity demands that derivatives can create to make payments of margin or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">settlement payments to counterparties. Such events and conditions may adversely affect the value of the Fund’s </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments, result in greater market or liquidity risk or cause difficulty valuing the Fund’s portfolio instruments or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">achieving the Fund’s objective.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Illiquid Investments</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. An illiquid or less liquid investment may be difficult to sell quickly and at a fair price, which </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could cause the Fund to realize a loss on the investment if it was sold at a lower price than that at which it had </span><span style="color:#000000;font-family:times new roman;font-size:10pt">been valued.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><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 wars and armed conflicts, tariffs, 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:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Active Management</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Despite strategies designed to achieve the Fund’s investment objective, the value of </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments will change with market conditions, and so will the value of any investment in the Fund and you </span><span style="color:#000000;font-family:times new roman;font-size:10pt">could lose money. The securities selected for the portfolio may not perform as RIM or the Fund's money managers </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expect. Additionally, securities selected may cause the Fund to underperform relative to other funds with similar </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investment objectives and strategies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Multi-Manager Approach.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> While the investment strategies employed by the money managers are intended to be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure </span><span style="color:#000000;font-family:times new roman;font-size:10pt">to certain types of securities and higher portfolio turnover.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">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">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">Rights and Warrants.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Changes in the value of a right or a warrant do not necessarily correspond to changes in the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">value of its underlying security. The price of a right or a warrant may be more volatile than the price of its </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underlying security, and a right or a warrant may offer greater potential for capital loss.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Convertible Securities</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Convertible securities are subject to both the credit and interest rate risks associated with </span><span style="color:#000000;font-family:times new roman;font-size:10pt">fixed income securities and to the market risk associated with common stocks. Contingent convertible securities </span><span style="color:#000000;font-family:times new roman;font-size:10pt">generally provide for mandatory conversion into common stock of the issuer under certain circumstances, and </span><span style="color:#000000;font-family:times new roman;font-size:10pt">therefore are subject to the risk that the Fund could experience a reduced income rate and a worsened standing in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the case of an issuer’s insolvency.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">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;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Repurchase Agreements</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Repurchase agreements are subject to the risk that the sellers may not be able to pay the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">agreed-upon repurchase price on the repurchase date.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Reverse Repurchase Agreements</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Reverse repurchase agreements are subject to the risk that the other party may </span><span style="color:#000000;font-family:times new roman;font-size:10pt">fail to return the security in a timely manner or at all. The Fund may lose money if the market value of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">security transferred by the Fund declines below the repurchase price.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">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:470.0pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Securities of Other Investment Companies.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Investments in other investment companies expose shareholders to the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">expenses and risks associated with the investments of the Fund as well as to the expenses and risks of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">underlying investment companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Depositary Receipts</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. Depositary receipts (including American Depositary Receipts and Global Depositary Receipts) </span><span style="color:#000000;font-family:times new roman;font-size:10pt">are securities traded on a local stock exchange that represent securities issued by a foreign publicly-listed company. </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Depositary receipts are generally subject to the same risks of investing in the foreign securities they evidence or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">into which they may be converted.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Currency Trading Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> Currency trading strategies may involve instruments that have volatile prices, are illiquid </span><span style="color:#000000;font-family:times new roman;font-size:10pt">or less liquid or create economic leverage. Forward currency contracts are subject to the risk that, should forward </span><span style="color:#000000;font-family:times new roman;font-size:10pt">prices increase, a loss will be incurred to the extent that the price of the currency agreed to be purchased exceeds </span><span style="color:#000000;font-family:times new roman;font-size:10pt">the price of the currency agreed to be sold.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">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">Tax Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The tax treatment of the Fund’s investments may be adversely affected by future legislation, Treasury </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Regulations and/or guidance issued by the Internal Revenue Service (“IRS”) that could affect whether income </span><span style="color:#000000;font-family:times new roman;font-size:10pt">derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, </span><span style="color:#000000;font-family:times new roman;font-size:10pt">as amended (the “Code”), or otherwise alter the character, timing and/or amount of the Fund’s taxable income or </span><span style="color:#000000;font-family:times new roman;font-size:10pt">any gains and distributions made by the Fund. Because the Subsidiary is a controlled foreign corporation, any </span><span style="color:#000000;font-family:times new roman;font-size:10pt">gains received from its investments will be passed through to the Fund as ordinary income, which may be taxed at </span><span style="color:#000000;font-family:times new roman;font-size:10pt">less favorable rates than capital gains.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">Subsidiary Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> By investing in the Subsidiary, the Fund will be indirectly exposed to the risks associated with the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Subsidiary’s investments, which are generally similar to those that are permitted to be held by the Fund. The </span><span style="color:#000000;font-family:times new roman;font-size:10pt">Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and is </span><span style="color:#000000;font-family:times new roman;font-size:10pt">generally not subject to all of the investor protections of the 1940 Act. Furthermore, changes in the laws of the </span><span style="color:#000000;font-family:times new roman;font-size:10pt">United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate </span><span style="color:#000000;font-family:times new roman;font-size:10pt">as described in this Prospectus and could adversely affect the Fund. The cost of investing in the Fund will be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">higher because the Fund bears the expenses of the Subsidiary.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund may engage in active and frequent trading, which may result in higher </span><span style="color:#000000;font-family:times new roman;font-size:10pt">portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be </span><span style="color:#000000;font-family:times new roman;font-size:10pt">taxable to shareholders as ordinary income.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-left:4.4pt;text-align:left;width:470.00pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt;font-style:italic">New Fund Risk.</span><span style="color:#000000;font-family:times new roman;font-size:10pt"> The Fund is a new Fund. There can be no assurance that the Fund will grow to an economically </span><span style="color:#000000;font-family:times new roman;font-size:10pt">viable size, in which case the Fund may cease operations. Investors may be required to liquidate or transfer their </span><span style="color:#000000;font-family:times new roman;font-size:10pt">investments at an inopportune 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">Impact of Large Redemptions (Including Possible Fund Liquidation)</span><span style="color:#000000;font-family:times new roman;font-size:10pt">. The Fund may be used as an investment in </span><span style="color:#000000;font-family:times new roman;font-size:10pt">asset allocation programs and may have a large percentage of its Shares held in such programs. Large redemption </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">activity could result in the Fund incurring additional costs and being forced to sell portfolio securities at a loss to </span><span style="color:#000000;font-family:times new roman;font-size:10pt">meet redemptions. Large redemptions may also result in increased expense ratios, higher levels of realized capital </span><span style="color:#000000;font-family:times new roman;font-size:10pt">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;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><span style="color:#000000;font-family:times new roman;font-size:10pt">●</span></div> <div style="float:left;line-height:12pt;margin-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 “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year. The Maximum Deferred Sales Charge (Load) is charged on the lesser of the purchase price of the Shares being redeemed or the net asset value of those Shares at the time of redemption.