Strategy. In an effort to provide equity-like total return over a market cycle while mitigating downside risk and volatility relative to equities, Russell Investment Management, LLC (RIM) allocates the Funds assets across a broad range of instruments, asset classes and strategies. To seek to achieve the Funds objective, RIM dynamically manages the Funds positioning based on RIMs outlook on the business and economic cycle, relative market valuations and market sentiment. By evolving the Funds positioning away from sectors with higher relative valuations and towards those believed to present more attractive opportunities, RIM attempts to reduce the Funds downside risk and enable the Fund to provide long term total return from a diverse range of potential investments. The Funds target strategic asset … Show more… In an effort to provide equity-like total return over a market cycle while mitigating downside risk and volatility relative to equities, Russell Investment Management, LLC (RIM) allocates the Funds assets across a broad range of instruments, asset classes and strategies. To seek to achieve the Funds objective, RIM dynamically manages the Funds positioning based on RIMs outlook on the business and economic cycle, relative market valuations and market sentiment. By evolving the Funds positioning away from sectors with higher relative valuations and towards those believed to present more attractive opportunities, RIM attempts to reduce the Funds downside risk and enable the Fund to provide long term total return from a diverse range of potential investments. The Funds target strategic asset allocation is 60% to global equity or equity-related securities or instruments, including equity securities of real assets-related companies, and 40% global fixed income or fixed income-related securities or instruments, including high yield debt. However, the Fund is not required to allocate its investments in any set proportion and RIM will dynamically manage the Funds asset allocation based on market conditions generally by up to plus/minus 10% from the Funds target strategic asset allocations. The Funds global equity investments span developed and emerging markets and may include equity securities of real assets-related companies, including real estate- and infrastructure-related companies. Real assets are broadly defined by the Fund and are considered to include any assets that have physical properties, such as natural resources, real estate, infrastructure and commodities. The Funds global fixed income investments may include government and corporate debt, U.S., non-U.S. and emerging markets debt, investment grade and high yield debt, and mortgage-backed and asset-backed securities. The Funds fixed income portfolio is expected to include a significant allocation to return-seeking fixed income investments. The Fund considers emerging market countries to include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. RIM provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is advised by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-asset, multi-manager approach. RIM may change a Fund's asset allocation at any time. The Fund employs discretionary and non-discretionary money managers. The Funds discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Funds non-discretionary money managers provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. RIM manages Fund assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities and instruments which provide the desired exposures. RIM may use strategies based on indexes. RIM also manages the portion of Fund assets for which the Funds non-discretionary money managers provide model portfolios to RIM and the Funds cash balances. The Fund may invest in equity securities of issuers of any market capitalization which are economically tied to U.S. and non-U.S. markets, including emerging markets. These securities may include common stocks, preferred stocks, stocks of real assets-related companies, rights, warrants, convertible securities and depositary receipts. The Funds investments in convertible securities may include contingent convertible securities. The Fund may invest in securities of companies, known as real estate investment trusts (REITs), that own and/or manage properties. The Fund may invest in infrastructure companies and master limited partnerships (MLPs). Generally, infrastructure refers to the systems and networks of energy, transportation, communication and other services required for the normal function of society. The Fund may invest in fixed income securities of any credit quality and maturity, including fixed income securities that are rated below investment grade (commonly referred to as high yield or junk bonds) and in distressed debt securities. The Fund may invest in (1) U.S. and non-U.S. corporate fixed income securities, (2) fixed income securities issued or guaranteed by the U.S. government (including Treasury Inflation Protected Securities) and by non-U.S. governments, or by their respective agencies and instrumentalities, (3) emerging markets debt securities, (4) mortgage-backed securities and (5) asset-backed securities. The Fund may also invest in variable and floating rate securities. The Fund may purchase loans and other direct indebtedness, including bank loans (also called leveraged loans). The Fund may invest in currency futures and options on futures, forward currency contracts and currency options for speculative purposes or to seek to protect a portion of its investments against adverse currency exchange rate changes. The Fund may enter into repurchase agreements and reverse repurchase agreements. The Fund may invest in money market securities and commercial paper, including asset-backed commercial paper, and in bank obligations. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may invest in credit linked notes and credit options. The Fund may invest in synthetic foreign fixed income or equity securities, which may be referred to as international warrants, local access products, participation notes or low exercise price warrants. The Fund may also invest in equity linked notes, which are notes whose return is tied to a single stock or a basket of stocks. Generally, upon the maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities. The Funds use of derivatives may cause the Funds investment returns to be impacted by the performance of securities the Fund does not own and result in the Funds total investment exposure exceeding the value of its portfolio. The Fund may invest in other investment companies and pooled investment vehicles. A portion of the Funds net assets may be illiquid investments. Depending upon market conditions, RIM may allocate a significant portion of the Fund's assets to cash in order to seek to achieve the Fund's objective. The Fund may expose all or a portion of its cash to changes in interest rates or market/sector returns by purchasing derivatives. Please refer to the Investment Objective and Investment Strategies section in the Fund's Prospectus for further information. Show less