MULTI-STRATEGY INCOME FUND
Money Manager and Russell Investments Overview
Russell Investments’ approach
Russell Investments uses a multi-asset approach to investing, combining asset
allocation, manager selection and dynamic portfolio management in its investment
portfolios. Using this approach as a framework for mutual fund construction, we
research, monitor, hire and terminate (subject to Fund Board approval) money
managers from around the world and strategically allocate fund assets to them. We
oversee all investment advisory services to the Fund and manage assets notallocated to money managers.
The Fund
The Multi-Strategy Income Fund seeks to provide a high level of current income and,as a secondary objective, long-term capital growth. The Fund seeks to achieve its
investment objective by principally investing in a range of diversified incomeproducing investments. The Fund will typically pursue strategies and invest in
instruments which have historically produced a significant portion of their total returnfrom income.
The Fund’s performance benchmark is the Multi-Strategy Income Composite Index,
which consists of 30% Bloomberg U.S. Aggregate Bond Index; 18% ICE BofA Global
High Yield Index; 12% J.P. Morgan EMBI Global Diversified Index; 7% FTSE EPRA
Nareit Global Index; and 33% MSCI ACWI High Dividend Yield Index §. The MultiStrategy Income Composite Index provides a means to compare the Fund’s averageannual returns to a benchmark that is more representative of the investment
strategies pursued by the Fund.

Russell Investments portfolio manager(s)Rob Balkema, Senior Director, Head of Multi-Asset, North America has primary
responsibility for the management of the Fund. Mr. Balkema has managed the Fundsince May 2015.
The portfolio managers’ role
The Russell Investments portfolio managers are responsible for identifying andselecting the strategies and money managers included in the Fund and determining
the weight for each assignment. The portfolio managers manage the Fund on a daily
basis to help keep it on track, constantly monitoring risk and return expectations at the
total fund level and making changes when deemed appropriate and/or necessary.
Multiple resources from across the firm are used to help determine what is believed tobe the best combination of managers and strategies. Manager research and capital
markets research are just some of the tools at the portfolio managers’ disposal to help
identify opportunities and manage risk.
Not a Deposit. Not FDIC Insured. May Lose Value. Not Bank
Guaranteed. Not Insured by any Federal Government Agency.
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Multi-Strategy Income Fund
Target Allocation of Fund Assets and Managers and Strategies Summary
The percentages below represent the target allocation of the Fund’s assets to each money manager’s strategy and Russell Investment Management, LLC’s (“RIM”) strategy.
RIM may change a Fund’s asset allocation at any time, including not allocating Fund assets to one or more money manager strategies.
FIRM NAMETARGET ALLOCATIONINVESTMENT FOCUS

ROLE

DETAILS OF FUND ROLE

Algert Global LLC*

7.5%

As a quantitative manager, Algert utilizes proprietary,
non-traditional signals and unique data sets combinedwith extensive use of natural language processing andmachine learning to generate non-traditional signals
beyond generic measures.

Global equity

Algert’s process involves developing and training a prediction
model based on large data sets, followed by validation of theprediction model using previously unseen data.

Berenberg Asset Management LLC

3.0%

Berenberg’s research-driven process is based on pure,bottom-up fundamental stock selection.

EuropeanequityBerenberg focuses on high quality businesses, structural growth
drivers, single stock analysis and high conviction ideas. The
emphasis does not vary over time, since the fund follows a
disciplined execution of their demonstrated investment approach.

Boston Partners Global Investors, Inc.*

2.5%

Uses fundamental research to identify small cap
companies selling at attractive valuations with near-term
revenue-based catalysts.

U.S. small cap
equityBoston Partners pursues small cap companies on the cusp of
positive change at attractive valuations. The team seeks to exploit
market anomalies through identifying what is believed to be underappreciated companies and has the ability to mitigate opportunity
cost by successfully identifying timely revenue-based catalysts andmanaging position sizes accordingly.

Cohen & Steers Capital Management,
Inc. 1*

9.5%

The preferred securities strategy focuses on income
generation from investing in financial and non-financial
firms’ capital structured securities.

Preferred
securities

Cohen & Steers’ mandate for this Fund is a blend of their listed
infrastructure strategy, global real estate securities strategy, andpreferred securities strategy.

Cohen & Steers Capital Management,
Inc. 1

7.5%

The real estate strategy uses a bottom-up stock valuation
approach.

Globalproperty
securities

Cohen & Steers Capital Management,
Inc. 1

0.5%

The infrastructure strategy uses a balance of top-down
sector research and bottom-up company specific analysis.

ListedinfrastructureIntermede Investment Partners andIntermede Global Partners Inc.

1.5%

Has a growth-at-a-reasonable-price (GARP) strategy that
focuses on stock selection and emphasizes attractively
valued positions in high growth companies.

Global equity

Intermede focuses on stocks that are secular growers with some
aspect of new innovation that the market has yet to price in, andlooks for good top line growth and earnings growth, ideally withattractive return on equity, further margin expansion potential andstrong free cash flow.

Kopernik Global Investors, LLC

2.0%

Uses a bottom-up, deep fundamental analysis to gain athorough, forward-looking understanding of a company's
business and valuation.

Global equity

Kopernik is a long-term investment firm with differentiated insightsthat brings diverse sources of potential alpha from sectors andregions that are not heavily invested in by existing managers in theFund.

Man Investments Australia Limited

2.0%

The team uses a combination of top down and bottom up
concentrated risk-taking with the stated objective of alphaor excess return through the economic cycle. Most of therisk relative to the MSCI AC Asia (ex-Japan) index and the
majority of returns is expected to be achieved throughidiosyncratic, stock specific risk-taking.

Asia ex Japan

Man AU’s objective is to provide capital growth (net of fees) over the
medium to long-term (3 to 5 year rolling periods). The strategy is
unconstrained, flexible, and broadly style agnostic. The strategy’s
lead portfolio manager brings wealth of experience combining both
macro as well as bottom-up views to deliver alpha; This uniqueproposition brings low correlations existing line-up of active
managers.

*Indicated managers are discretionary managers. All other third-party managers/strategies are non-discretionary; RIM manages these portions of the Fund’s assets based upon model portfolios provided by the managers.
1 Cohen & Steers Capital Management, Inc. refers to Cohen & Steers Capital Management, Inc., Cohen & Steers UK Limited and Cohen & Steers Asia Limited.
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Multi-Strategy Income FundManagers and Strategies Summary

FIRM NAMETARGET ALLOCATIONINVESTMENT FOCUS

ROLE

DETAILS OF FUND ROLE

Marathon Asset Management, L.P.*

7.0%

Hard currency emerging market debt focus with aprocess for adding value centered around relative value
opportunities, credit selection and market technical driven
portfolio changes

Emerging
market debt

Marathon’s product is actively managed beta strategy, in which thestrategy mirrors characteristics of the hard currency emerging market
debt index, while generating potential for excess return. The innovative
portfolio construction combines close beta replication with elimination of
unwanted risks by matching duration, country allocation, and average
credit ratings.

MFS Institutional Advisors Inc.

3.0%

Has a diversified approach to value investing targeting
three types of value: out-of-favor compounders,turnarounds, and deep value.

Global equity

MFS’ investment strategy is a diversified approach to value investingtargeting three types of value: out-of-favor compounders, turnarounds,
and deep value. The strategy will hold a diverse set of contrarian value
opportunities including restructuring stories, out-of-favor compounders,and deep value cyclicals.

Oaktree Fund Advisors, LLC*

9.5%

Brings a unique, niche high yield convertible debt strategy High income
with a “buy low, sell high” mentality—seeking to identify
convertible debt securities that are trading below theirinvestment value yet still offer potential equity upside.

Oaktree brings a high yield convertibles strategy to the Fund with afocus on ‘busted convertibles’, which are issues that trade below par
because of a short-term headwind for the company or their market. The
strategy seeks to deliver excess returns relative to the high yield
markets, especially in down markets.

Oaktree Fund Advisors, LLC

2.0%

Focus is on identifying relatively undervalued companies
across the universe without a persistent bias to either
growth companies or cyclical turnaround stocks. This
gives them flexibility to invest in stocks that look attractiveat any given point, without being constrained by a statedinvestment style.

Emerging
markets

Oaktree brings an emerging markets strategy that is focused on
identifying relatively undervalued companies across the universe
without a persistent bias to either growth companies or cyclicalturnround stocks. This gives them flexibility to invest in stocks that lookattractive at any given point, without being constrained by a statedinvestment style, bringing a market-oriented, emerging markets
exposure to the Fund.

PineStone Asset Management Inc.

2.0%

Focuses on identifying growth companies with highreturns and supportive intrinsic valuations seeking to
identify companies that have a strong and sustainable
competitive advantage in industries with high barriers toentry.

Global equity

PineStone’s quality bias will give the Fund access to stable growthequities with limited earnings variability and supportive intrinsic
valuations. Investments are based on company-specific research
insights, with an aim to invest in companies with minimal probabilityof capital impairment.

RWC Asset Advisors (US) LLC

1.5%

Has a growth-seeking, valuation-sensitive strategy thatcombines both thematic top-down investment researchand strong bottom-up security selection.

Emerging
market equity

RWC’s emerging markets strategy follows both a top-down and bottomup analysis process, allowing the team to identify broad themes thatare followed through with stock selection. RWC invests in quality
growth companies that it expects will benefit from a sustainable,
advantageous market positioning and strong balance sheets.

Russell Investment Management, LLC(RIM)**

39.0%

The active positioning strategy in this Fund allows theRussell Investments Portfolio Manager to express views
across multiple factors and risk exposures simultaneously
while regularly adapting to changing markets andmanager allocations. The strategy is used to target
desired total portfolio positioning and can be adjusted asneeded by the Portfolio Manager.

Positioning
Strategies
and Cash
Reserves

RIM oversees all investment advisory services to the Fund andmanages assets not allocated to money managers. This includes theFund’s positioning strategy, which helps the Fund to achieve its desired
risk/return profile. RIM also manages the Fund’s liquidity reserve.

*Indicated managers are discretionary managers. All other third-party managers/strategies are non-discretionary; RIM manages these portions of the Fund’s assets based upon model portfolios provided by the managers.
**RIM manages Fund assets not allocated to money manager strategies by utilizing quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments, which provide the desired overall Fund
exposures. RIM also manages the Fund’s cash balances and cash reserves. RIM generally seeks to obtain market exposure for this cash that corresponds to the Fund’s benchmark exposures, but RIM may also reduce the Fund’s market exposure and/or utilize the Fund’sliquidity reserve to manage overall Fund exposures.
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Multi-Strategy Income Fund

Algert Global LLC
Firm backgroundManager profile

Algert Global LLC is a systematic asset
manager leveraging modern data scienceand machine learning to generate
differentiated alpha for clients.

Algert Global LLC (Algert) was added to the Fund in September 2024. Peter Algert and Ryan LaFond are the lead
portfolio managers for the strategy.

Headquarters: San Francisco, CA

What this manager brings to the Fund

Lead manager: Peter Algert and Ryan
LaFond____________________________________As a quantitative manager, Algert utilizes proprietary, non-traditional signals and unique data sets combined witheffective use of natural language processing and machine learning to generate non-traditional signals beyond genericmeasures. Machine learning is a common approach used by quantitative managers that seeks to identify market
patterns and make predictions. Russell Investments believes that, as a quantitative manager, Algert’s model isdifferentiated and has many competitive advantages relative to peers.

Asset class: Global Equity

Investment process

Number of holdings: 100–500

Algert’s process involves developing and training a prediction model based on large data sets, followed by validation of
the prediction model using previously unseen data. Algert groups factors within their model into three main categories,
Quality, Value and Catalyst. Quality seeks to identify companies with strong fundamentals relative to their peers. Valuesignals look for distinctive traits that point to a stock being cheaper relative to other comparable opportunities. Catalyst
factors identify companies that are primed for breakouts from the status quo, either positive or negative.

Founded: 2002

Capitalization level: Large Cap

Russell Investments’ manager analysis
Russell Investments has high confidence in Algert’s investment team and leadership. The firm is 100%
employee owned, and the two principals are experienced quantitative investors. Algert has been running
global equity accounts since 2002. We believe their low (but growing) AUM and ownership structure createsa highly motivated and positive organizational environment that we view favorably.
A systematic and disciplined portfolio construction process is seen as a key strength that sets Algert apartfrom peers. An ensemble approach is used for optimization, which deploys the use of machine-learning to
inform their signal weights.
When markets are driven more by underlying fundamentals and prevailing macroeconomic conditions are
not changing meaningfully, the strategy has shown an ability to outperform its benchmark. We expect the
product to perform less well at turning points in the market and in environments where there is rapidlychanging market leadership.

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Multi-Strategy Income Fund

Berenberg Asset Management LLC
Firm backgroundManager profile

Berenberg Asset Management LLC(Berenberg) is part of Berenberg Bank, theworld’s oldest merchant bank based in
Hamburg. Berenberg provides quantitative
investment strategies to institutional investors
like insurers, pension funds, banks andfoundations.

Berenberg Asset Management LLC was added as a non-discretionary manager to the Fund in June of 2020. The
strategy is led by Matthias Born who is the lead portfolio manager and decision-maker.

Headquarters: Hamburg, Germany

Founded: 1590
Lead manager: Matthias Born____________________________________
Asset class: European equity
Number of holdings: Approximately 50

As a non-discretionary manager to the Fund, Berenberg provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Berenberg’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by Berenberg, but generally intends toimplement the portfolio provided by Berenberg.
What this manager brings to the Fund
Berenberg brings an European all-cap equity strategy to the Fund. They believe that inefficiencies exist in our universeand can be exploited by concentrating on long term fundamental investing with a disciplined approach. Their strategy
follows a quality-growth approach predicated upon fundamentally selecting companies whose competitive advantages
are expected to allow them to compound growth for longer and at higher rates than average market participants expect.
They focus on quality companies with strong balance sheets and solid business models.
Investment process
Fundamental single stock selection ("bottom-up approach") is at the center of their investment process. Top-down trends
are considered when estimating the attractiveness of single stocks but are not a decision criterion by itself. Berenberg’s
management uses proprietary, independent research with close contact to top management and is independent from any
benchmark.
This results in a high active share. With a long-term investment horizon, the management identifies structural andsustainable growth drivers. Berenberg believes that fundamental criteria explain stock returns significantly better over along-time horizon. Berenberg focuses on high-quality businesses, structural growth drivers, single stock analysis andhigh conviction ideas. The emphasis does not vary over time, since the strategy follows a disciplined execution of theirdemonstrated investment approach.

Russell Investments’ manager analysis
Russell Investments believes that Berenberg’s portfolio is impeccably crafted for up and down markets
because their investment mix is made not only of defensive businesses, but also quality cyclicals and highgrowers. The strategy takes a long-term investment horizon, remaining true to style ("Quality Growth")
throughout all market conditions. The strategy seeks to benefit from the long-term rewards of compounding,when growth firms reinvest their cash flows in their business at high returns. Berenberg’s portfolio is likely tounderperform in deep value and low-quality market environments due to its focus on forward looking
elements that tend to result in a selection of companies with higher valuations.
Russell Investments views Matthias Born as an experienced investor with incredible knowledge and insights.
At Berenberg, he is the sole decision maker and possesses final say both on portfolio construction andresearch. The team has a well-established set of investment beliefs and a process that has demonstrated
efficacy.

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Multi-Strategy Income Fund

Boston Partners Global Investors, Inc.
Firm backgroundManager profile

Boston Partners Global Investors, Inc. is an
SEC-registered investment adviser consistingof three investment divisions: Boston
Partners, Weiss, Peck & Greer, andRedwood, each offering distinctive
investment capabilities.

Boston Partners Global Investors, Inc. (Boston Partners) was added as a non-discretionary manager to the Fund in
December 2017. In this capacity, Boston Partners provides a model portfolio to Russell Investment Management, LLC(“RIM”) representing its investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by Boston Partners for purposes of minimizing transaction
costs, but generally intends to implement the portfolio provided by Boston Partners. Boston Partners’ strategy is primarily
led by Eric Gandhi, who is backed by a skilled investment team whose members have worked together since 2012.

Headquarters: Boston, MA

What this manager brings to the FundFounded: 1995

Boston Partners pursues small cap companies on the cusp of positive change at attractive valuations. The team seeks topursue market anomalies through identifying what is believed to be under-appreciated companies. Russell Investments
believes Boston Partners has the ability to mitigate opportunity cost by successfully identifying timely revenue-based
catalysts and managing position sizes accordingly.

Lead manager: Eric Gandhi, CFA____________________________________
Asset class: U.S. equity
Number of holdings: 80–1,220

Investment process
Boston Partners focuses on finding undervalued, quality companies in value sectors. Boston Partners believes thathands-on, proprietary fundamental research can uncover undervalued companies in value sectors to seek to achieve
long-term returns. The team meets with 600+ companies each year to fully understand their business strategy, thestrength of leadership, and the company's products, markets and customers.
Boston Partners seeks companies that are experiencing above-average and increasing levels of return on invested
capital as well as those that are priced below normalized historical valuations. The team prefers to identify timely
revenue-based catalysts but will invest early given conviction in long term prospects, and valuation. Idea generation isstrong with a significant number of new ideas coming from company meetings and the team's existing network of industry
contacts.
Russell Investments’ manager analysis
Russell Investments believes the key driver of Boston Partners' success is attributable to the involvement of
portfolio manager Eric Gandhi, who has demonstrated skill in identifying fundamental catalysts to capture thebest ideas to drive stock selection in the portfolio. The Boston Partners team has cultivated an autonomousand performance-oriented culture that Russell Investments finds appealing.

Boston Partners’ strategy is a deep value approach to picking small cap securities. This tends to have acontrarian flavor so market environments that favor higher momentum and growth stocks will tend to be achallenge for this manager. Boston Partners is expected to perform better in market environments that favor
value stocks.

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Multi-Strategy Income Fund

Cohen & Steers Capital Management, Inc.2
Firm backgroundManager profile

Cohen & Steers Capital Management, Inc.
serves institutional and individual clientsaround the world through a broad range ofstrategies and vehicles. The strategies
include global and regional real estate
securities, global listed infrastructure,
preferred securities and large cap value
portfolios.

Cohen & Steers Capital Management, Inc. (Cohen & Steers) was added to the Multi-Strategy Income Fund at the Fund’s
launch in 2015 and is a discretionary and non-discretionary manager in the Fund.

Headquarters: New York, NY
Founded: 1986
Lead managers: Infrastructure: Ben Morton,
Real Estate: Jon Cheigh, and Preferred
Securities: Elaine Zaharis-Nikas

As a non-discretionary manager to the Fund, Cohen & Steers provides a model portfolio to Russell Investment
Management, LLC (RIM) representing Cohen & Steers’ investment recommendations, based upon which RIM purchases
and sells securities for the Fund. RIM may deviate from the model portfolio provided by Cohen & Steers, but generally
intends to implement the portfolio provided by Cohen & Steers.
What this manager brings to the Fund
Cohen & Steers’ mandate for this Fund is a blend of their listed infrastructure strategy, global real estate securities
strategy and preferred securities strategy.
Investment process
Real estate strategy:____________________________________

Cohen & Steers’ global strategy invests in a portfolio of companies the firm believes are mis-priced relative to their net
asset value and dividend discount model estimates. When generating estimates, the firm utilizes standardized valuation
methodologies in order to compare valuations across sectors and markets on a relative basis. Russell Investments
believes the firm’s process can potentially result in attractive and consistent long-term returns.

Asset class: Alternatives

Infrastructure strategy:

Number of holdings: 60–200

Cohen & Steers uses a balance of top-down sector research and bottom-up company specific analysis to construct thisglobal listed infrastructure portfolio for the Fund. This strategy covers utilities and non-utilities sectors such as toll-roads,
airports, seaports, rail, and communications in each of the major global regions. The objective of the strategy is toprovide income generation, low volatility and low correlations to broader equities. The firm’s research process places
particular emphasis on sectors and companies that exhibit key infrastructure characteristics such as stable cash flows,
largely regulated and monopolistic businesses, and high barriers to entry. The security selection process is highly
rigorous, featuring models customized to the factors that are most appropriate for each of the individual sub-sectors. Risk
management is sought by employing risk controls such as specific portfolio weighting constraints, proprietary
fundamental research, statistical valuation models, and adhering to a strong sell discipline. Country allocations are
predominantly an output of the sector and stock selection process. The resulting portfolio is diversified across North
America, Europe and the Asia Pacific region.
Preferred securities strategy:
Cohen & Steers’ preferred securities strategy focuses on income generation from investing in financial and non-financial
firms’ capital structured securities. The investment process tilts towards bottom-up relative value security selection with atouch of top-down impact, primarily in duration, which leads to a fairly diversified portfolio.

2Cohen & Steers Capital Management, Inc. refers to Cohen & Steers

Capital Management, Inc., Cohen & Steers UK Limited and Cohen &Steers Asia Limited.
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Multi-Strategy Income Fund

Cohen & Steers Capital Management, Inc.2 (continued)
Russell Investments’ manager analysis
Cohen & Steers’ infrastructure strategy is expected to do well in most market environments. Russell
Investments believes Cohen & Steers can generate potential excess returns through a combination ofbottom-up stock selection in each region and top-down country/regional allocation decisions. Periods when
net asset value and cash flow for infrastructure assets in general are not key drivers of share prices may bedifficult for this strategy.
Cohen & Steers’ real estate strategy is expected to perform well in market environments when stock
selection is a key driver of returns. Cohen Steers’ preferred securities strategy is expected to provide
attractive income to the Fund. A difficult time for this strategy may be periods when net asset value and cash
flow for real estate assets in general are not key drivers of real estate securities' share prices.

2Cohen & Steers Capital Management, Inc. refers to Cohen & Steers

Capital Management, Inc., Cohen & Steers UK Limited and Cohen &Steers Asia Limited.
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Multi-Strategy Income FundIntermede Investment Partners Limited and Intermede Global Partners Inc.
Firm backgroundManager profile

Intermede Investment Partners Limited andIntermede Global Partners Inc. is anindependently owned, global equity
investment management company. The firm
is majority owned by its founding partners.

Intermede Investment Partners Limited and Intermede Global Partners Inc. (Intermede) was added to the Fund in 2022.
Barry Dargan is the lead manager of the strategy.

Headquarters: London, UK

As a non-discretionary manager to the Fund, Intermede provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Intermede’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by Intermede, but generally intends toimplement the portfolio provided by Intermede.

Founded: 2013

What this manager brings to the Fund

Lead manager: Barry Dargan

Intermede focuses on stocks that are secular growers with some aspect of new innovation that the market has yet toprice in, and looks for good top line growth and earnings growth, ideally with attractive return on equity, further margin
expansion potential and strong free cash flow.

____________________________________
Asset class: Global equity
Number of holdings: 20–60

Investment process
Intermede focuses on stocks that are secular growers with some aspect of new innovation that the market has yet toprice in and looks for good top line growth and earnings growth, ideally with attractive return on equity, further margin
expansion potential and strong free cash flow. Intermede also demands a greater discount on cyclical stocks which
provides flexibility with an overall higher quality, lower volatility portfolio.
Russell Investments’ manager analysis
Russell Investments’ view is that Intermede is currently at an attractive point in their lifecycle, with low
assets, high quality ownership of the firm by the investment team and autonomy of its investment
professionals. Russell Investments has high confidence in lead portfolio manager, Barry Dargan, and theteam of high-quality investment analysts. The strategy is expected to perform well when growth is being
rewarded and be challenged in periods where higher risk stocks are rewarded or when value factors are
rewarded.

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Multi-Strategy Income Fund

Kopernik Global Investors, LLC
Firm backgroundManager profile

Kopernik Global Investors LLC is an
employee-owned global equity investment
management firm.

Kopernik Global Investors LLC (Kopernik) was added to the Multi-Strategy Income Fund in 2016. The strategy is led byDavid Iben, founder and Chief Investment Officer of Kopernik.

Headquarters: Tampa, FL
Founded: July 2013
Lead manager: David Iben, CFA____________________________________
Asset class: Global equity
Number of holdings: 50–90

As a non-discretionary manager to the Fund, Kopernik provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Kopernik’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Kopernik, but generally intends to implement theportfolio provided by Kopernik.
What this manager brings to the Fund
Kopernik is a long-term investment firm with differentiated insights that brings diverse sources of potential alpha fromsectors and regions that are not heavily invested in by existing managers in the Fund (e.g., materials, Canada, Russia).
The firm has historically had a low-to-negative correlation with existing managers, which is expected to help improvediversification.
Investment process
The Global Equity strategy at Kopernik is an all-cap, deep-value strategy that aims to add value by identifying securities
that are trading at a discount to net asset value.
Kopernik’s investment philosophy is centered on the belief that market inefficiencies present numerous opportunities to
identify quality businesses at attractive prices. The firm utilizes bottom-up, deep fundamental analysis to gain a thorough,forward-looking understanding of a company's business and valuation. Kopernik’s intensive research process includes
proprietary screens, site visits, analysis of financial statements and competitor analysis.
The strategy primarily invests in equities (domestic common, foreign ordinary and depositary receipts) of companies
located around the globe and of all market capitalizations.
Russell Investments’ manager analysis
The team is led by Dave Iben, a talented investor who has had success throughout multiple investment
cycles and is an adherent follower of his deep-value investment style. Prior to founding Kopernik, Iben
worked at another investment firm where Russell Investments became familiar with his process. His absolute
return philosophy has not changed and his application of economic principles as part of his process remains
a compelling component of his investment ability.
Kopernik’s deep-value strategy is expected to perform best during periods that favor low price-to-book andlow price-to-earnings securities. The strategy tends to struggle in low growth, inflationary environments.

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Multi-Strategy Income FundMan Investments Australia Limited
Firm backgroundManager profile

Man Investments Australia Limited (Man AU),
founded in 1995 and acquired by Man Group
in 2010, is a discretionary Fund manager thatis active across alternative and long-only
strategies, equity and credit.

Man Investments Australia Limited (Man AU) was added to the Fund in 2022. Andrew Swan, Head of Asia (ex-Japan)
Equities at Man AU, manages the strategy and is supported by a team of four dedicated analysts.

Headquarters: Sydney, Australia

As a non-discretionary manager to the Fund, Man AU provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Man AU’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Man AU, but generally intends to implement theportfolio provided by Man AU.

Founded: 1995

What this manager brings to the Fund

Lead manager: Andrew Swan

Swan and his team believe that one of their key competitive strengths is that they assume risk based on their views offuture earnings revisions potential and those views are based on both historical data and more discretionary forwardlooking analysis. They are aiming to capture the turning points in earnings revisions where there has historically been thepotential to generate significant alpha. The investment team also benefits from being part of Man AU’s deep equity
platform and the collaborative culture that sets the business apart. The teams are able to collaborate with a diverse groupof highly experienced portfolio managers and sector specialists to develop investment ideas.

____________________________________
Asset class: Equity
Number of holdings: 30–45

Investment process
At the core of the team's approach to investing is relative earnings revisions. The key driver of beta in Asia (ex- Japan)
over time has been earnings and markets in the region have consistently traded in-line with forward EPS. Alpha, on theother hand, tends to be driven by high cross-sectional single stock dispersion and relative earnings revisions. As such,the team's core focus is to capture turning points in companies that have high EPS revision potential.
Russell Investments’ manager analysis
Our favorable view is supported by a strong conviction in portfolio manager, Andrew Swan, an experienced
and insightful Asian equity portfolio manager who has consistently implemented this dynamic growthphilosophy throughout his career. We believe he displays both objectivity and pragmatism to continue
implementing this approach. Swan's dynamic approach while incorporating top down factors is differentiatedand further allows him to better capture inflection points in value and sentiment.
Man AU’s investment style is flexible by design, with the portfolio composition being driven by expected
improvement in earnings from bottom-up analysis of individual companies. While this flexibility introducescomplexity in terms of its repeatability, we believe the manager exhibits skill and objectivity in its
implementation. The combination of high-quality fundamental research, rigorous idea testing, and convictionbased portfolio construction make this a compelling offering. The strategy is supported by a small team offour dedicated analysts. We have a positive opinion of Alethea Leung and Anand Agarwal who worked under
Swan at Blackrock and are aligned with the process. The others are new hires and, while experienced, arestill familiarizing themselves with the process and thus remain untested. Swan is a player coach remaining
involved in generating ideas as well as guiding the analysts. Swan has the flexibility to manage the strategy
on his own terms and there is direct alignment with the team's P&L which should ensure the team remains
motivated and energized.
As the manager tends to anticipate growth inflection points and position the portfolio accordingly, the strategy
can go through challenging periods prior to major market rotations. Time periods with high market volatility
can also be challenging for the portfolio.

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Multi-Strategy Income Fund

Marathon Asset Management, L.P.
Firm backgroundManager profile

Marathon Asset Management, L.P. seeks
attractive absolute returns throughinvestments in the global credit markets andreal estate related markets with a long-termgoal of building a world-class asset
management platform.

Marathon Asset Management was added to the Fund in 2022. Gabriel (“Gaby”) Szpigiel, the Head of Emerging Markets,manages the emerging markets team. Andrew Szmulewicz is the lead portfolio manager for the emerging market bondmandate.

Headquarters: New York, NY
Founded: 1998
Lead manager: Andrew Szmulewicz____________________________________
Asset class: Emerging Market Debt
Number of holdings: approx. 100–125

What this manager brings to the Fund
Exposure to emerging market debt securities with a high conviction process for delivering strong risk adjusted excess
returns
Investment process
Marathon's approach to portfolio allocation in the Emerging Markets benchmarked strategy can be viewed as an actively
managed beta, or what the portfolio managers Gaby and Diego call "Optimal Beta" and 20–40% in off-index securities,
mostly in quasi-sovereign and corporate. The core of their portfolio construction process is to replicate the market as
defined by the index (J.P. Morgan EMBI Global Diversified Index§). The strategy seeks to mirror key characteristics of theIndex such as duration, regional weights, and country weights. Layered on top of the core portfolio, Marathon's input
incorporates bottom-up best credit ideas into a portfolio that is representative of the index, actively managed andgenerates an attractive risk-adjusted spread pick-up relative to the index. Russell Investments views this as an innovative
methodology for portfolio construction with the potential to earn consistent excess returns.
Russell Investments’ manager analysis
Marathon's core competency is in credit selection and eliminate unwanted risk in mismatching the durationand country. The process is very regimented and have exposure to about 100 bonds in about 55 countries
out of 65 countries in the index. We believe that this investment proposition will be long-term andsustainable. The team that managers the emerging market debt product is very experienced across Latin
America, Eastern European, and Asian markets. The product is primarily managed by Gaby Szpigiel, theHead of Emerging Markets at Marathon, who has over 20 years of industry experience. The hard currency
emerging market debt product was designed by Andrew Szmulewicz, who has over 10 years of experience inproduct development and managing emerging bond indices at J.P. Morgan prior to joining Marathon in 2014.
Marathon has its roots in emerging markets and structured mortgages, and as a result the firm has a strong
appreciation for market liquidity, risk management, non-linear securities, and policy risk.
Because Marathon maintains a beta close to 1 as well as duration and credit characteristics close to those of
the benchmark, the performance will be highly correlated to the index. Therefore, drawdowns in the
Emerging Markets Debt market would negatively affect the strategy's absolute performance. Success orchallenges in off-benchmark allocations, mostly to quasi-sovereign and corporate bonds, could also affectbenchmark-relative performance.

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Multi-Strategy Income FundMFS Institutional Advisors Inc.
Firm backgroundManager profile

The sole purpose of MFS Institutional
Advisors Inc. is to create long-term value
responsibly. It offers fixed income, equity andquantitative solutions to financial advisors,intermediaries and institutional clients aroundthe world.

MFS Institutional Advisors Inc. (MFS) was added to the Fund in 2022. A.C. Farstad and Zahid Kassam are the co-leadmanagers of the strategy.

Headquarters: Boston, MA

What this manager brings to the FundFounded: 1924
Lead managers: A.C. Farstad and Zahid
KassamMFS’ investment strategy is a diversified approach to value investing targeting three types of value: out-of-favorcompounders, turnarounds, and deep value. The strategy will recommend a diverse set of contrarian value opportunities
including restructuring stories, out-of-favor compounders, and deep value cyclicals.

____________________________________

Investment process

Asset class: Equity

The team recommends a contrarian value philosophy that is supported by capital markets efficiency. The product design
is intended to maximize return while retaining diversification. It targets multiple types of value including out-of-favorcompounders, turnarounds and deep value. Valuation methods employed are appropriate to the type of opportunity, and
MFS is disciplined in applying an asymmetric reward-risk ratio.

Number of holdings: approximately 40

As a non-discretionary manager to the Fund, MFS provides a model portfolio to Russell Investment Management, LLC(RIM) representing MFS’s investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by MFS, but generally intends to implement the portfolio
provided by MFS.

Russell Investments’ manager analysis
Russell Investments believes Ms. Farstad is highly engaged and passionate about investing, and considers
her a well-rounded portfolio manager. In addition, Mr. Kassam’s experience is credible and relevant for the
strategy, and he demonstrated good alignment with Ms. Farstad’s philosophy.
There is some flexibility in how value opportunities are found and which are favored, but we believe Ms.
Farstad conveys compelling clarity of thought around her process which should benefit execution. She and
Mr. Kassam demonstrated strong emphasis on risk/reward asymmetry due stock analysis, which drives bothpurchase and sale recommendation. Though the portfolio is bottom-up, they are also cognizant of market
trends and have rotated the portfolio to take advantage of attractive entry points. Today, the strategy isbalanced between the three buckets of restructurings, deep value, and controversial quality compounders.
The strategy has been successful in a variety of market environments, but high growth, low quality or low
volatility driven markets have typically been more challenging. The portfolio has also had an overweight
exposure to non-U.S. companies, making a U.S. market leadership in global equities a potential headwind.

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Multi-Strategy Income Fund

Oaktree Fund Advisors, LLC, High Income convertibles strategy
Firm backgroundManager profile

Oaktree Fund Advisors, LLC is a global
investment management corporation, whose
mission is to provide management with a
primary emphasis on seeking risk control in alimited number of sophisticated investment
specialties. Oaktree is involved in lessefficient markets and alternative investments.
Oaktree serves clients through offices locatedin 17 cities and 12 countries.

Oaktree Fund Advisors, LLC (Oaktree) was added as a discretionary manager to the Fund in June 2017 for its High
Income role and as a non-discretionary manager in March 2022 for its Emerging Markets role. Craig Borcherding is theportfolio manager of the strategy.
As a non-discretionary manager to the Fund, Oaktree provides a model portfolio to Russell Investment Management,
LLC (RIM) representing Oaktree’s investment recommendations, based upon which RIM purchases and sells securities
for the Fund. RIM may deviate from the model portfolio provided by Oaktree, but generally intends to implement theportfolio provided by Oaktree.

What this manager brings to the FundFounded: 1995

Oaktree brings a niche high yield convertibles strategy to the Fund with a focus on “busted convertibles”, which areissues that trade below par because of a short-term headwind for the company or their market. The strategy seeks todeliver excess returns relative to the high yield markets, especially in down markets.

Lead manager: Craig Borcherding

The busted convertible market can offer potential for:____________________________________•

Yields that are equivalent to that of non-convertible debt•

Equity upside

Headquarters: Los Angeles, CA

Asset class: Fixed income
Number of holdings: Approximately 100

In addition, in their Emerging Markets role, Oaktree is focused on identifying relatively undervalued companies acrossthe universe without a persistent bias to either growth companies or cyclical turnaround stocks. This gives them flexibility
to invest in stocks that look attractive at any given point, without being constrained by a stated investment style
Investment process
Oaktree applies a “buy low, sell high” mentality—seeking to identify convertible debt securities that are trading below
their investment value yet still offer potential equity upside. They also seek convertible securities that have high credit
sensitivity and yield characteristics with low sensitivity to equity markets.
Oaktree also offers a strong sell discipline. They focus on holding securities during the time whereby they offer value andseek to exit positions when they become more sensitive to equities.
Russell Investments’ manager analysis
Russell Investments believes Oaktree offers a dynamic high yield convertibles strategy with a nimble
approach and willingness to exit positions quickly if they believe the downside risk is material. The strategy is
considered a “niche within a niche” which provides potential for attractive return by going where othermanagers in the marketplace typically do not. Oaktree’s credit risk emphasis, combined with their quick selldiscipline, may help the portfolio minimize credit losses. The strategy is expected to perform well in spreadwidening environments but might lag in periods of high yield rally and when duration rallies as the strategy
maintains a fairly short duration.
Craig Borcherding joined Oaktree in 2007 and has been the day-to-day portfolio manager on the High
Income Convertibles strategy since 2018. Although the dedicated investment professionals for the strategy
are limited, the team leverages Oaktree's broader resources, including the extended convertibles team,which Russell Investments believes is additive to the strategy.

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Multi-Strategy Income Fund

Oaktree Fund Advisors, LLC, Emerging markets strategy
Firm backgroundManager profile

Oaktree Fund Advisors, LLC is a global
investment management corporation, whose
mission is to provide management with a
primary emphasis on seeking risk control in alimited number of sophisticated investment
specialties. Oaktree is involved in lessefficient markets and alternative investments.
Oaktree serves clients through offices locatedin 17 cities and 12 countries.

Oaktree Fund Advisors, LLC (Oaktree) was added as a discretionary manager to the Fund in March 2022 for its
Emerging Markets role. Frank Carroll and Janet Wang are the two lead managers on the emerging markets strategy.

Headquarters: Los Angeles, CA
Founded: 1995
Lead managers: Frank Carroll and Janet
Wang____________________________________
Asset class: Equities
Number of holdings: Approximately 65

What this manager brings to the Fund
Oaktree’s Emerging Markets strategy is focused on identifying relatively undervalued companies across the universe
without a persistent bias to either growth companies or cyclical turnaround stocks. This gives them flexibility to invest in
stocks that look attractive at any given point, without being constrained by a stated investment style. Thus, the strategy
being style-agnostic allows for the portfolio management team to allow stock selection to be the main alpha driver of theirprocess, bringing idiosyncratic opportunities within the emerging markets to the Fund.
Investment process
The team is focused on depth rather than breadth covering roughly 400 stocks. There is a lot of challenge andcommunication across the team and the extent to which the analysts are integrated in the process is beneficial. The
portfolio managers have shown an ability to respond quickly to new information when making investment decisions, andthey have a strong sense of market dynamics which can give an extra edge on top of the fundamental analysis. The
analysts have target prices on all of the stocks under coverage and continually feed this information to the portfolio
managers who use this to make calls on absolute and relative basis. The analysts are responsible for generating theirown ideas and communicate their preferences on an ongoing basis to the portfolio manager through a ranking
mechanism which considers risk/reward versus other opportunities in their sectors. There is a good dynamic where
portfolio managers are also active in directing the analysts to those areas they are interested in.
Analysts build detailed models on companies under coverage with target prices that act as a guide to the portfolio
managers. Valuation is important to them, there is an unwillingness to recommend expensive names. Everyone in theteam spends a significant amount of time meeting with companies. The PMs are also very active in traveling to theregions and each will typically spend one to two months a year in Asia.
Russell Investments’ manager analysis
Russell Investments has a positive opinion of Frank Carroll, who is an experienced emerging markets
investor with over 30 years in the sector and experience managing the emerging market portfolios at Oaktree
since 2000. Janet Wang, the strategy's co-portfolio manager, has worked with the team since 2002 andarticulates well-rounded, informative views. A positive dynamic exists between the portfolio managers.
The investment approach is opportunistic, so although the team describes itself as value focused this canapply to more expensive growth names just as much as cyclical turnaround stories and this flexibility allows
the portfolio managers to adapt to different market environments. We have also observed a strong selldiscipline helped by the absolute return experience of the team.
The team also benefits from a good organizational set-up as Oaktree is a performance-focused company
which gives its portfolio managers the resources to manage money in the way that they see fit. The
Emerging Market equities team has been stable over the years and all the team members appear to be wellincentivized.
Due to the flexible valuation-conscious approach, Oaktree is expected to do well in a variety of market
environments, but is likely to lag in the extreme deep value or high growth-led markets.

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Multi-Strategy Income Fund

PineStone Asset Management Inc.
Firm backgroundManager profile

PineStone Asset Management Inc. is anindependent investment manager focused onproviding long-only equity strategies toinstitutional clients.

PineStone Asset Management Inc. (PineStone) was added to the Fund in March 2023. Nadim Rizk is the CEO, CIO, andlead manager for PineStone Asset Management Inc.

Headquarters: Montreal, Quebec, Canada
Founded: 2021
Lead manager: Nadim Rizk____________________________________
Asset class: Global equity
Number of holdings: 25–35

As a non-discretionary manager to the Fund, PineStone provides a model portfolio to Russell Investment Management,
LLC (RIM) representing PineStone’s investment recommendations, based upon which RIM purchases and sells
securities for the Fund. RIM may deviate from the model portfolio provided by PineStone, but generally intends toimplement the portfolio provided by PineStone.

What this manager brings to the Fund
PineStone provides the Fund with exposure to quality, growth-oriented equities with high return potential and supportive
intrinsic valuations. The manager seeks to identify companies that have a strong and sustainable competitive advantage inindustries with high barriers to entry. Investments are based on company-specific research insights, with an aim to invest
in companies with minimal probability of capital impairment.
Investment process
PineStone uses a fundamental, bottom-up research approach when it comes to identifying companies with attractive
growth and value propositions. Although the portfolios trade at a premium relative to the market, PineStone believes—from an enterprise value lens—the premium gap is smaller as their companies generally have less leverage than themarket. PineStone maintains a wish list of 20 stocks, with 15–20 new ideas per year with a target of 50/50 non-U.S./U.S.
exposure. During the internal investment research process, PineStone uses a “bad-cop” approach when pitching a
potential stock for product inclusion to the team. Similar to a “devil’s advocate” approach, an analyst is assigned to comeup with substantial counter-arguments based on a deep dive analysis of the company in question in order to bring certain
overlooked aspects of the business to light during discussions. Russell Investments believes this role adds rigor anddepth to PineStone’s research process.
Russell Investments’ manager analysis
Russell Investments has a high regard for Nadim Rizk and the investment team and believes that theorganizational environment is attractive for motivating and retaining talent. Russell Investments moderates its
expectations around organizational stability out of an abundance of caution, as the manager recently
transitioned out from under the Fiera Capital Corporation; the new company is currently operationallyseparate.
PineStone’s “bad-cop” process adds sophistication to their internal discussions, and Russell Investments
believes the manager’s research depth is a strength of their investment process. Performance has beenstrong relative to peers and respective benchmarks. Russell Investments expects the product to perform
strongly when differentials in fundamental company performance is recognized by the market andenvironments where companies with strong operating and financial performance is preferred. The productwill do less well in rising markets but is expected to perform well in down markets.

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Multi-Strategy Income FundRWC Asset Advisors, LLC
Firm backgroundManager profile

RWC Asset Advisors (US) LLC is anindependent investment manager providing
services primarily to institutional clients. It
launches and manages equity, fixed income,and hedge funds for its clients.

RWC Asset Advisors (US) LLC (RWC) was added as to the Fund in 2022. John Malloy is the lead manager of thestrategy.

Headquarters: Miami, FL

As a non-discretionary manager to the Fund, RWC provides a model portfolio to Russell Investment Management, LLC(RIM) representing RWC’s investment recommendations, based upon which RIM purchases and sells securities for theFund. RIM may deviate from the model portfolio provided by RWC, but generally intends to implement the portfolio
provided by RWC.

Founded: 2000

What this manager brings to the Fund

Lead manager: John Malloy

RWC’s emerging markets strategy follows both a top-down and bottom-up analysis process, allowing the team to identify
broad themes that are followed through with stock selection. RWC invests in quality growth companies that it expects will
benefit from a sustainable, advantageous market positioning and strong balance sheets.

____________________________________
Asset class: Emerging markets equity
Number of holdings: 60–80

Investment process
RWC applies strong, bottom-up research capabilities focused on identifying companies that trade at attractive valuations
but with solid growth prospects and all within their thematic framework. RWC is an early lifecycle manager that
opportunistically pursues capital appreciation across a global investment spectrum and exploits secular and cyclicaltrends, growth opportunities, valuation inefficiencies and themes that are misunderstood or otherwise out of favor in
emerging and frontier markets. RWC’s stock selection reflects the team’s macro economic views, which Russell
Investments believes are solid and differentiated versus peer managers.
Russell Investments’ manager analysis
Russell Investments has a high regard for the investment professionals at RWC whom Russell Investments
believes to be of above average quality relative to their peers. Russell Investments has a particularly highopinion of John Malloy who is a key member of the team and is responsible for all decision making.
The process is such that it combines both a top-down and bottom-up analysis allowing the team to identify
broad themes that are followed through with stock selection. The team has demonstrated good insight andskill in implementing such an approach. The team has worked together for a long time due to their time
together at a previous firm, and are highly motivated given recent organization changes, which have allowed
them to be more aligned with the profitability of the business.
RWC strategy's exposure to high volatility and high beta names can make it sensitive to market corrections,leading to underperformance. Value-led markets can also be a challenge due to the manager's growthorientation.

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Multi-Strategy Income Fund

Russell Investment Management, LLC
Firm background

RIM oversees all investment advisory services to the Fund and manages assets not allocated to managers.

Russell Investment Management, LLC (RIM)
is the advisor to Russell Investment
Company (RIC) Funds. Russell Investments’ownership is composed of a majority stake
held by funds managed by TA Associates
Management, L.P. with minority stakes held
by funds managed by Reverence CapitalPartners, L.P., certain of Russell Investments’
employees, and Hamilton Lane Advisors,
LLC. Russell Investments provides asset
management and investment services toinstitutional and individual investors aroundthe world.

Manager and strategy oversight

Headquarters: Seattle, WA

RIM’s portfolio managers seek to ensure that Fund outcomes are consistent with Fund objectives. The portfolio manager
and analysts track the effectiveness of every money manager and strategy in the Fund. Occasionally, adjustments may
be necessary due to reasons such as a change in control at a money manager, the opportunity to select anothermanager or strategy the portfolio manager believes offers an investment proposition that would help improve the fund, orchanges in market dynamics.
Any significant Fund changes must be validated through an internal governance process to ensure all key considerations
were addressed by the portfolio manager. Money manager changes are also subject to approval by the Fund’s Board ofTrustees.
Investment management
RIM manages a portion of the Fund’s assets internally to seek to precisely manage the Fund’s exposures and achieve
the desired risk/return profile for the Fund. During the portfolio construction and management process, portfolio
managers may identify an investment need and seek to address that need with a positioning strategy.

____________________________________

Positioning strategies are customized portfolios directly managed for use within the total portfolio. Portfolio managers use
positioning strategies to seek excess return and manage portfolio risks by targeting specific exposures. These strategies
are used in conjunction with allocations to third-party active managers to reflect Russell Investments’ strategic anddynamic insights with integrated liquidity and risk management.

POSITIONING STRATEGIES & CASH
RESERVES

RIM uses a blend of strategies in this Fund, designed to help tilt the portfolio in the direction of our strategic beliefs:

Founded: 1936

Number of holdings: 300•

The currency overlay utilizes currency forward contracts to take long and short positions in global foreign exchange
markets, which may result in gains or losses for the fund based on the movements of relative exchange rates. RIM
believes that a currency overlay strategy serves as a diversifier and another potential source of return in multi-asset
portfolios, especially in periods where the medium-term return outlook is more challenging for credit, duration andequity returns than it has been in the past.

•

RIM believes that bonds issued by sovereign countries with higher real yields have a greater likelihood of
outperforming those with low real yields. Using futures, RIM will take long positions in high quality government bonds
whose yield, net of forward-looking inflation, are relatively high and short interest rate risk where that real, net-ofinflation yield is expected to be relatively low. This strategy has historically low correlations to credit risk.

•

To target factor exposures (e.g. yield, market cap, momentum, quality), country/region exposure and sector/industry
exposures, RIM will select a portfolio of global equity securities. RIM analyzes how the securities held by the thirdparty money managers differ from the preferred positioning of the Fund. RIM then uses a custom, proprietary
quantitative technique to ‘optimize’ toward the preferred positioning. This strategic portfolio is comprised of what RIM
believes to be quality income securities that may offer higher than average dividend yield and ability to pay that
dividend in the future (good debt to equity/capital, solid cash coverage, etc.). This strategy is composed primarily ofequity securities and as such, will struggle during down equity markets relative to the fund’s non-equity investments. It
is expected to typically do well in moderately positive equity markets, led by higher yielding securities.

The shape of the strategies vary over time based upon the following three primary drivers: a) evolution of portfolio
manager views in response to the valuation, cycle and sentiment opportunities within the asset classes, b) changes inmanager holdings, and c) changes in market conditions.

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Multi-Strategy Income Fund

Russell Investment Management, LLC (continued)
Managing the liquidity reserve
Every RIC mutual fund maintains cash reserves, which is cash awaiting investment or held to meet redemption requests
or to pay expenses. This Fund typically exposes all or a portion of its cash to changes in interest rates or market/sector
returns by purchasing fixed income securities and/or derivatives (also known as “equitization”), which typically include
exchange traded fixed income futures contract and swaps. The Fund invests any remaining cash in an unregistered cash
management fund advised by RIM and/or fixed income securities with an average portfolio duration of two years andeffective maturities of up to six years.

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For more information on Russell Investment Company Funds, contact
your investment professional or plan administrator for assistance.

IMPORTANT RISK DISCLOSURES
Mutual Fund investing involves risks, principal loss is possible.
Money managers listed are current as of September 10, 2024. Subject to the Fund's Board approval, Russell Investments has the right to engage or terminate a money manager at any time and without a shareholder vote, based on an exemptive order from the
Securities and Exchange Commission. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to investment risk, including loss of income and principal invested and possible delays in payment of redemption
proceeds. The money managers do not guarantee the performance of any Fund or any particular rate of return.
Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. NonU.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatileof the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.
Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows,which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.
Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risk to real estate
investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.
Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure related companies are subject to various risks including governmental
regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.
Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk
and increase return could, at certain times, unintentionally reduce returns.

Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus
containing this, and other important information can be obtained by calling 800-787-7354 or by visiting russellinvestments.com. Please read aprospectus carefully before investing.
The investment styles employed by a Fund's money managers may not be complementary. This concentration may be beneficial or detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The
multi-manager approach could increase a Fund's portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities, higher brokerage commissions and other transaction costs.
Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, generalmarket conditions and/or economic conditions.
§Indexes are unmanaged and cannot be invested in directly. The benchmark shown represents the Fund's performance benchmark, which may be different from the Fund's regulatory benchmark included in the Fund's Prospectus and Annual Reports.

•

The Bloomberg U.S. Aggregate Bond Index is an index, with income reinvested, generally representative of intermediate-term government bonds, investment-grade corporate debt securities and mortgage-backed securities.

•

The ICE BofA Global High Yield Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or Eurobond markets.

•

The J.P. Morgan EMBI Global Diversified Index tracks liquid, US Dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities (quasi-sovereign entities are defined as being 100% guaranteed or 100% ownedby the national government).

•

The FTSE EPRA Nareit Global Index is designed to track the performance of listed real estate companies and REITS in both developed and emerging markets.

•

The MSCI ACWI High Dividend Yield Index is based on MSCI ACWI, its parent index, and includes large and mid cap stocks across 23 Developed Markets and 24 Emerging Markets countries. The index is designed to reflect the performance of equities in theparent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. Diversification and strategic asset allocation do not assure profit or protect against loss in declining
markets.

Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates Management, L.P., with a significant minority stake held by funds managed by Reverence Capital Partners, L.P. Certain of Russell Investments' employees
and Hamilton Lane Advisors, LLC also hold minority, non-controlling, ownership stakes.

Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank
Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the “FTSE RUSSELL” brand.
Securities products and services offered through Russell Investments Financial Services, LLC member FINRA, part of Russell Investments.
Copyright © 2024 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without
warranty.
Date of First Use: April 2015. Revised: September 2024.
RIFIS-26211 (Exp. 09/25)
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