Conservative Strategy Fund

Class A

RCLAX

Annual Shareholder Report

October 31, 2025

This annual shareholder report contains important information about Conservative Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$56	0.54%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate broad-based securities market index for the same period.

	Class A	Bloomberg U.S. Universal Index
2015	9,425	10,000
2016	9,799	10,507
2017	10,285	10,692
2018	10,095	10,484
2019	10,849	11,674
2020	10,931	12,370
2021	11,921	12,429
2022	9,919	10,467
2023	10,104	10,592
2024	11,556	11,778
2025	12,468	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	1.68%	1.45%	2.23%
Class A - no sales charge	7.90%	2.67%	2.84%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

*The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Net Assets (thousands)	$59,610
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$(104)
Portfolio Turnover Rate	22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.6%
Domestic Equities	10.5%
Multi-Asset	8.0%
International Equities	4.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://connect.rightprospectus.com/russellinvestments.

Householding

To reduce expenses, we may mail only one copy of the Fund's prospectus and, upon request, each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your Financial Intermediary.

Conservative Strategy Fund

Class A

Annual Shareholder Report

RCLAX

October 31, 2025

Conservative Strategy Fund

Class C

RCLCX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$134	1.29%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class C	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,322	10,507
2017	10,747	10,692
2018	10,472	10,484
2019	11,172	11,674
2020	11,171	12,370
2021	12,094	12,429
2022	9,998	10,467
2023	10,107	10,592
2024	11,473	11,778
2025	12,285	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	7.07%	1.92%	2.08%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$59,610
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$(104)
Portfolio Turnover Rate	22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.6%
Domestic Equities	10.5%
Multi-Asset	8.0%
International Equities	4.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Conservative Strategy Fund

Class C

Annual Shareholder Report

RCLCX

October 31, 2025

Conservative Strategy Fund

Class R1

RCLRX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$23	0.22%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class R1	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,435	10,507
2017	10,992	10,692
2018	10,832	10,484
2019	11,684	11,674
2020	11,804	12,370
2021	12,908	12,429
2022	10,778	10,467
2023	11,007	10,592
2024	12,628	11,778
2025	13,676	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	8.30%	2.99%	3.18%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$59,610
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$(104)
Portfolio Turnover Rate	22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.6%
Domestic Equities	10.5%
Multi-Asset	8.0%
International Equities	4.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Conservative Strategy Fund

Class R1

Annual Shareholder Report

RCLRX

October 31, 2025

Conservative Strategy Fund

Class R5

RCLVX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$75	0.72%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class R5	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,388	10,507
2017	10,886	10,692
2018	10,672	10,484
2019	11,454	11,674
2020	11,515	12,370
2021	12,540	12,429
2022	10,419	10,467
2023	10,590	10,592
2024	12,090	11,778
2025	13,023	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	7.72%	2.49%	2.68%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$59,610
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$(104)
Portfolio Turnover Rate	22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.6%
Domestic Equities	10.5%
Multi-Asset	8.0%
International Equities	4.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Conservative Strategy Fund

Class R5

Annual Shareholder Report

RCLVX

October 31, 2025

Conservative Strategy Fund

Class S

RCLSX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$36	0.35%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class S	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,420	10,507
2017	10,962	10,692
2018	10,780	10,484
2019	11,613	11,674
2020	11,723	12,370
2021	12,804	12,429
2022	10,680	10,467
2023	10,894	10,592
2024	12,486	11,778
2025	13,494	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	8.07%	2.85%	3.04%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$59,610
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$(104)
Portfolio Turnover Rate	22%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	75.6%
Domestic Equities	10.5%
Multi-Asset	8.0%
International Equities	4.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Conservative Strategy Fund

Class S

Annual Shareholder Report

RCLSX

October 31, 2025

Moderate Strategy Fund

Class A

RMLAX

Annual Shareholder Report

October 31, 2025

This annual shareholder report contains important information about Moderate Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$53	0.50%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	Bloomberg U.S. Universal Index
2015	9,422	10,000
2016	9,920	10,507
2017	10,762	10,692
2018	10,422	10,484
2019	11,286	11,674
2020	10,817	12,370
2021	12,676	12,429
2022	10,521	10,467
2023	10,871	10,592
2024	12,902	11,778
2025	14,299	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	4.49%	4.48%	3.64%
Class A - no sales charge	10.83%	5.74%	4.26%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$125,674
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$(82)
Portfolio Turnover Rate	21%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	54.1%
International Equities	24.0%
Domestic Equities	12.0%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Moderate Strategy Fund

Class A

Annual Shareholder Report

RMLAX

October 31, 2025

Moderate Strategy Fund

Class C

RMLCX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$131	1.25%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,453	10,507
2017	11,260	10,692
2018	10,813	10,484
2019	11,633	11,674
2020	11,067	12,370
2021	12,867	12,429
2022	10,603	10,467
2023	10,871	10,592
2024	12,800	11,778
2025	14,090	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	10.08%	4.95%	3.49%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$125,674
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$(82)
Portfolio Turnover Rate	21%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	54.1%
International Equities	24.0%
Domestic Equities	12.0%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Moderate Strategy Fund

Class C

Annual Shareholder Report

RMLCX

October 31, 2025

Moderate Strategy Fund

Class R1

RMLRX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$26	0.25%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,560	10,507
2017	11,484	10,692
2018	11,144	10,484
2019	12,118	11,674
2020	11,639	12,370
2021	13,661	12,429
2022	11,379	10,467
2023	11,778	10,592
2024	14,016	11,778
2025	15,585	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	11.19%	6.01%	4.54%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$125,674
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$(82)
Portfolio Turnover Rate	21%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	54.1%
International Equities	24.0%
Domestic Equities	12.0%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Moderate Strategy Fund

Class R1

Annual Shareholder Report

RMLRX

October 31, 2025

Moderate Strategy Fund

Class R5

RMLVX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$79	0.75%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,506	10,507
2017	11,368	10,692
2018	10,979	10,484
2019	11,876	11,674
2020	11,350	12,370
2021	13,260	12,429
2022	10,988	10,467
2023	11,315	10,592
2024	13,397	11,778
2025	14,814	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	10.58%	5.47%	4.01%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$125,674
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$(82)
Portfolio Turnover Rate	21%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	54.1%
International Equities	24.0%
Domestic Equities	12.0%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Moderate Strategy Fund

Class R5

Annual Shareholder Report

RMLVX

October 31, 2025

Moderate Strategy Fund

Class S

RMLSX

Annual Shareholder Report

October 31, 2025

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$35	0.33%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	Bloomberg U.S. Universal Index
2015	10,000	10,000
2016	10,543	10,507
2017	11,459	10,692
2018	11,124	10,484
2019	12,070	11,674
2020	11,590	12,370
2021	13,593	12,429
2022	11,308	10,467
2023	11,697	10,592
2024	13,905	11,778
2025	15,443	12,544

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	11.06%	5.91%	4.44%
Bloomberg U.S. Universal Index	6.51%	0.28%	2.29%

Key Fund Statistics

Net Assets (thousands)	$125,674
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$(82)
Portfolio Turnover Rate	21%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
Fixed Income	54.1%
International Equities	24.0%
Domestic Equities	12.0%
Multi-Asset	8.0%
Alternative	2.0%
Other	(0.1)%

Additional Information

Householding

Moderate Strategy Fund

Class S

Annual Shareholder Report

RMLSX

October 31, 2025

Balanced Strategy Fund

Class A

RBLAX

Annual Shareholder Report

October 31, 2025

This annual shareholder report contains important information about Balanced Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$59	0.55%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s (“RIM”) target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)
2015	9,422	10,000
2016	9,852	10,205
2017	11,039	12,573
2018	10,650	12,508
2019	11,564	14,082
2020	10,859	14,771
2021	13,826	20,277
2022	11,427	16,230
2023	12,022	17,935
2024	14,767	23,816
2025	16,783	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	7.15%	7.81%	5.31%
Class A - no sales charge	13.65%	9.10%	5.94%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,912
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$689
Portfolio Turnover Rate	25%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	40.2%
Fixed Income	32.9%
Domestic Equities	15.1%
Multi-Asset	8.0%
Alternative	3.9%
Other	(0.1)%

Material Fund Changes

Until May 31, 2025, Russell Investment Management, LLC (“RIM”) contractually agreed to waive 0.05% of its advisory fee. Effective June 1, 2025, RIM contractually agreed to waive 0.07% of its advisory fee.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at https://connect.rightprospectus.com/russellinvestmentsor upon request at 1-800-787-7354.

Additional Information

Householding

Balanced Strategy Fund

Class A

Annual Shareholder Report

RBLAX

October 31, 2025

Balanced Strategy Fund

Class C

RBLCX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$138	1.30%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s (“RIM”) target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,380	10,205
2017	11,535	12,573
2018	11,044	12,508
2019	11,913	14,082
2020	11,094	14,771
2021	14,032	20,277
2022	11,502	16,230
2023	12,013	17,935
2024	14,651	23,816
2025	16,522	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	12.78%	8.29%	5.15%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,912
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$689
Portfolio Turnover Rate	25%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	40.2%
Fixed Income	32.9%
Domestic Equities	15.1%
Multi-Asset	8.0%
Alternative	3.9%
Other	(0.1)%

Material Fund Changes

Additional Information

Householding

Balanced Strategy Fund

Class C

Annual Shareholder Report

RBLCX

October 31, 2025

Balanced Strategy Fund

Class R1

RBLRX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$36	0.34%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s (“RIM”) target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,470	10,205
2017	11,752	12,573
2018	11,361	12,508
2019	12,362	14,082
2020	11,635	14,771
2021	14,845	20,277
2022	12,289	16,230
2023	12,962	17,935
2024	15,962	23,816
2025	18,171	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	13.84%	9.33%	6.15%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,912
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$689
Portfolio Turnover Rate	25%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	40.2%
Fixed Income	32.9%
Domestic Equities	15.1%
Multi-Asset	8.0%
Alternative	3.9%
Other	(0.1)%

Material Fund Changes

Additional Information

Householding

Balanced Strategy Fund

Class R1

Annual Shareholder Report

RBLRX

October 31, 2025

Balanced Strategy Fund

Class R5

RBLVX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$90	0.84%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s (“RIM”) target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,418	10,205
2017	11,635	12,573
2018	11,191	12,508
2019	12,126	14,082
2020	11,337	14,771
2021	14,405	20,277
2022	11,864	16,230
2023	12,453	17,935
2024	15,252	23,816
2025	17,275	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	13.26%	8.79%	5.62%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,912
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$689
Portfolio Turnover Rate	25%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	40.2%
Fixed Income	32.9%
Domestic Equities	15.1%
Multi-Asset	8.0%
Alternative	3.9%
Other	(0.1)%

Material Fund Changes

Additional Information

Householding

Balanced Strategy Fund

Class R5

Annual Shareholder Report

RBLVX

October 31, 2025

Balanced Strategy Fund

Class S

RBLSX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$43	0.40%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s (“RIM”) target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds. During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,473	10,205
2017	11,741	12,573
2018	11,346	12,508
2019	12,344	14,082
2020	11,608	14,771
2021	14,806	20,277
2022	12,249	16,230
2023	12,915	17,935
2024	15,888	23,816
2025	18,068	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	13.72%	9.25%	6.09%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,912
Total Number of Portfolio Holdings	13
Total Advisory Fees Paid (thousands)	$689
Portfolio Turnover Rate	25%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	40.2%
Fixed Income	32.9%
Domestic Equities	15.1%
Multi-Asset	8.0%
Alternative	3.9%
Other	(0.1)%

Material Fund Changes

Additional Information

Householding

Balanced Strategy Fund

Class S

Annual Shareholder Report

RBLSX

October 31, 2025

Aggressive Strategy Fund

Class A

RALAX

Annual Shareholder Report

October 31, 2025

This annual shareholder report contains important information about Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$63	0.58%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)
2015	9,427	10,000
2016	9,757	10,205
2017	11,317	12,573
2018	10,999	12,508
2019	11,888	14,082
2020	11,093	14,771
2021	15,051	20,277
2022	12,413	16,230
2023	13,263	17,935
2024	16,789	23,816
2025	19,506	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	9.49%	10.63%	6.91%
Class A - no sales charge	16.19%	11.95%	7.54%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,237
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$239
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	46.6%
Domestic Equities	26.2%
Fixed Income	14.4%
Multi-Asset	8.0%
Alternative	4.9%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Householding

Aggressive Strategy Fund

Class A

Annual Shareholder Report

RALAX

October 31, 2025

Aggressive Strategy Fund

Class C

RALCX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$143	1.33%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,278	10,205
2017	11,833	12,573
2018	11,413	12,508
2019	12,242	14,082
2020	11,345	14,771
2021	15,281	20,277
2022	12,498	16,230
2023	13,265	17,935
2024	16,646	23,816
2025	19,207	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	15.39%	11.10%	6.74%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,237
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$239
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	46.6%
Domestic Equities	26.2%
Fixed Income	14.4%
Multi-Asset	8.0%
Alternative	4.9%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Householding

Aggressive Strategy Fund

Class C

Annual Shareholder Report

RALCX

October 31, 2025

Aggressive Strategy Fund

Class R1

RALRX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$30	0.28%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,377	10,205
2017	12,071	12,573
2018	11,772	12,508
2019	12,762	14,082
2020	11,941	14,771
2021	16,253	20,277
2022	13,443	16,230
2023	14,413	17,935
2024	18,284	23,816
2025	21,312	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	16.56%	12.28%	7.86%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,237
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$239
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	46.6%
Domestic Equities	26.2%
Fixed Income	14.4%
Multi-Asset	8.0%
Alternative	4.9%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Householding

Aggressive Strategy Fund

Class R1

Annual Shareholder Report

RALRX

October 31, 2025

Aggressive Strategy Fund

Class R5

RALVX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$84	0.78%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,337	10,205
2017	11,960	12,573
2018	11,606	12,508
2019	12,514	14,082
2020	11,656	14,771
2021	15,787	20,277
2022	12,992	16,230
2023	13,853	17,935
2024	17,499	23,816
2025	20,284	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	15.91%	11.72%	7.33%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,237
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$239
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	46.6%
Domestic Equities	26.2%
Fixed Income	14.4%
Multi-Asset	8.0%
Alternative	4.9%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Householding

Aggressive Strategy Fund

Class R5

Annual Shareholder Report

RALVX

October 31, 2025

Aggressive Strategy Fund

Class S

RALSX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$36	0.33%

How did the Fund perform last year and what affected its performance?

The Fund is a fund-of-funds that diversifies its investments in equity, fixed income, multi-asset and alternative active underlying funds pursuant to Russell Investment Management, LLC’s target strategic asset allocation. The Fund’s performance is therefore a function of its asset allocation, the performance of the asset classes in which it invests and active management results of the underlying funds.During the fiscal year, fixed income performance favored longer-duration government and credit exposures over shorter-duration assets, while equities were led by emerging markets, developed international markets and U.S. large cap equity markets, which outperformed U.S. small cap equities. Active performance of the underlying funds was mixed, with some underlying funds outperforming their benchmarks and others underperforming their benchmarks.

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,372	10,205
2017	12,062	12,573
2018	11,751	12,508
2019	12,737	14,082
2020	11,912	14,771
2021	16,212	20,277
2022	13,402	16,230
2023	14,353	17,935
2024	18,211	23,816
2025	21,211	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	16.47%	12.23%	7.81%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$617,237
Total Number of Portfolio Holdings	12
Total Advisory Fees Paid (thousands)	$239
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	46.6%
Domestic Equities	26.2%
Fixed Income	14.4%
Multi-Asset	8.0%
Alternative	4.9%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Aggressive Strategy Fund.

Additional Information

Householding

Aggressive Strategy Fund

Class S

Annual Shareholder Report

RALSX

October 31, 2025

Equity Aggressive Strategy Fund

Class A

REAAX

Annual Shareholder Report

October 31, 2025

This annual shareholder report contains important information about Equity Aggressive Strategy Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/russellinvestments. You can also request this information by contacting us at 1-800-787-7354 or by sending an e-mail to: service@russellinvestments.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class A	$63	0.58%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class A	MSCI ACWI Index (Net)
2015	9,423	10,000
2016	9,758	10,205
2017	11,620	12,573
2018	11,261	12,508
2019	12,190	14,082
2020	11,185	14,771
2021	15,568	20,277
2022	12,799	16,230
2023	13,763	17,935
2024	17,692	23,816
2025	20,775	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class A - with sales charge	10.66%	11.86%	7.59%
Class A - no sales charge	17.43%	13.18%	8.23%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$321,700
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$42
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	49.6%
Domestic Equities	32.2%
Multi-Asset	7.0%
Fixed Income	5.9%
Alternative	5.4%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Householding

Equity Aggressive Strategy Fund

Class A

Annual Shareholder Report

REAAX

October 31, 2025

Equity Aggressive Strategy Fund

Class C

RELCX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class C	$144	1.33%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class C	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,272	10,205
2017	12,145	12,573
2018	11,682	12,508
2019	12,560	14,082
2020	11,438	14,771
2021	15,787	20,277
2022	12,883	16,230
2023	13,752	17,935
2024	17,550	23,816
2025	20,442	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class C	16.48%	12.31%	7.41%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$321,700
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$42
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	49.6%
Domestic Equities	32.2%
Multi-Asset	7.0%
Fixed Income	5.9%
Alternative	5.4%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Householding

Equity Aggressive Strategy Fund

Class C

Annual Shareholder Report

RELCX

October 31, 2025

Equity Aggressive Strategy Fund

Class R1

RELRX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R1	$27	0.25%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class R1	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,388	10,205
2017	12,416	12,573
2018	12,065	12,508
2019	13,103	14,082
2020	12,067	14,771
2021	16,840	20,277
2022	13,882	16,230
2023	14,991	17,935
2024	19,337	23,816
2025	22,764	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R1	17.72%	13.53%	8.57%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$321,700
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$42
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	49.6%
Domestic Equities	32.2%
Multi-Asset	7.0%
Fixed Income	5.9%
Alternative	5.4%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Householding

Equity Aggressive Strategy Fund

Class R1

Annual Shareholder Report

RELRX

October 31, 2025

Equity Aggressive Strategy Fund

Class R5

RELVX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class R5	$81	0.75%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class R5	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,340	10,205
2017	12,290	12,573
2018	11,888	12,508
2019	12,848	14,082
2020	11,771	14,771
2021	16,354	20,277
2022	13,414	16,230
2023	14,417	17,935
2024	18,490	23,816
2025	21,672	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class R5	17.21%	12.98%	8.04%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$321,700
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$42
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	49.6%
Domestic Equities	32.2%
Multi-Asset	7.0%
Fixed Income	5.9%
Alternative	5.4%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Householding

Equity Aggressive Strategy Fund

Class R5

Annual Shareholder Report

RELVX

October 31, 2025

Equity Aggressive Strategy Fund

Class S

RELSX

Annual Shareholder Report

October 31, 2025

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class Name	Costs of $10,000 Investment	Costs Paid as % of $10,000 Investment
Class S	$36	0.33%

How did the Fund perform last year and what affected its performance?

How did the Fund perform over the last 10 years?*

	Class S	MSCI ACWI Index (Net)
2015	10,000	10,000
2016	10,381	10,205
2017	12,396	12,573
2018	12,040	12,508
2019	13,066	14,082
2020	12,017	14,771
2021	16,757	20,277
2022	13,813	16,230
2023	14,902	17,935
2024	19,194	23,816
2025	22,586	29,208

Annual Fund Performance*

	1 Year	5 Years	10 Years
Class S	17.67%	13.45%	8.49%
MSCI ACWI Index (Net)	22.64%	14.61%	11.31%

Key Fund Statistics

Net Assets (thousands)	$321,700
Total Number of Portfolio Holdings	11
Total Advisory Fees Paid (thousands)	$42
Portfolio Turnover Rate	26%

Graphical Representation of Holdings

Asset Type Exposure

Value	Value
Other	(0.1)%
Investments in Affiliated Funds	100.1%

Underlying Affiliated Fund Type Exposure

(% of Net Assets)

Value	Value
International Equities	49.6%
Domestic Equities	32.2%
Multi-Asset	7.0%
Fixed Income	5.9%
Alternative	5.4%
Other	(0.1)%

Material Fund Changes

Until February 28, 2025, the Fund’s name was Equity Growth Strategy Fund. Effective March 1, 2025, the Fund changed its name to Equity Aggressive Strategy Fund.

Additional Information

Householding

Equity Aggressive Strategy Fund

Class S

Annual Shareholder Report

RELSX

October 31, 2025

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer (“Code”). There have been no amendments to, or waivers in connection with, the Code during the period covered by this Report. The registrant has filed a copy of the Code as an exhibit to its annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Michelle Cahoon has been determined to be the Audit Committee Financial Expert and is also determined to be “independent” for purposes of Item 3, paragraph (a)(2)(i) and (ii) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2024 $1,404,849

2025 $1,461,046

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2024 $469,963 Tax Services performed in connection with the Audit

2025 $488,768 Tax Services performed in connection with the Audit

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Fees Nature of Services

2024 $419,548 Tax services

2025 $434,048 Tax services

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item and the nature of the services comprising those fees were as follows:

Fees Nature of Services

2024 $0

2025 $0

(e) (1) Registrant’s audit committee has adopted the following pre-approval policies and procedures for certain services provided by registrant’s accountants:

Russell Investment Company

Russell Investment Funds

Russell Investments Exchange Traded Funds

Russell Investments New Economy Infrastructure Fund

Russell Investments Strategic Credit Fund

(each an “Investment Company”)

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: April 1, 2025

I. Statement of Purpose.

This Audit and Non-Audit Services Pre-Approval Policy (“Policy”) has been adopted by the Audit Committee (the “Audit Committee”) of each Investment Company to apply to any and all engagements of the independent auditor with: (1) an Investment Company for audit and permissible non-audit services and (2) the Investment Company’s adviser or its control affiliates (collectively, “Adviser Entities”) for permissible non-audit services that relate directly to the Investment Company’s operations or financial reporting (“fund-related services”)¹. The term “Funds” shall collectively refer to each series of an Investment Company that is a series company and to each Investment Company that is not a series company. The term “Investment Adviser” shall refer to the Funds’ adviser, Russell Investment Management, LLC (“RIM”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.

II. Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”) and rules adopted by the United States Securities and Exchange Commission (the “SEC”), the Audit Committee of the Funds’ Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the Funds. As part of these responsibilities, the Audit Committee is required to pre-approve: (1) the audit services and permissible non-audit services, such as audit-related, tax and other services (“non-audit services”), to be performed by the independent auditor for the Funds, and (2) the services to be performed by the independent auditor for Adviser Entities that relate directly to the operations and financial reporting of the fund, in each case to assure that the independence of the auditor is not in any way compromised or impaired with respect to the Funds. In determining whether an auditor is independent in light of the services it provides to a Fund or Adviser Entity, there are four guiding principles under the Act and relevant SEC rules that must be considered. In general, the independence of the auditor to the Funds could be deemed impaired if the auditor has a relationship or provides a service that:

(a) Creates a mutual or conflicting interest between the auditor and the audit client (including the Funds whose financial statements are being audited, as well as affiliates of the Funds covered by relevant SEC rules);

(b) Results in the auditor acting as management or an employee of the audit client;

(d) Places the accountant in a position of being an advocate for the audit client.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes the rules adopted by the SEC governing auditor independence, including the four guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of their independent auditor, whether for audit, audit-related, tax, or other non-audit services, as well as to engagements of the auditor by Adviser Entities for fund-related services.

Rules adopted by the SEC establish two distinct approaches to the pre-approval of auditor services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of pre-approval policies and procedures, provided the policies and procedures are detailed as to the particular services (e.g., a list of authorized services for the fund, together with a budget of expected costs for those services), the Audit Committee is informed of each service and such policies and procedures do not include delegation of the Audit Committee’s responsibilities to management (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the Funds or fund-related services provided to Adviser Entities on a case-by-case basis (“specific pre-approval”).

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent auditor. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services (including fund-related services) that have the general pre-approval of the Audit Committee.² As set forth in this Policy, unless a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds or Adviser Entities that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

III. Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report any pre-approval decisions to the Audit Committee at its next scheduled meeting.

IV. Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services described above, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These services are generally related to the issuance of an audit opinion, and may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A or Form N-2, periodic reports and documents filed with or information requested by the SEC or other regulatory or self-regulatory organizations, or other documents issued in connection with the Funds’ securities offerings.

The audit services engagement terms and fees for the independent auditor for the Funds, as described above, must be specifically pre-approved by the Audit Committee or its delegate on an annual basis. The Audit Committee has pre-approved the other audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

V. Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. “Audit-related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements, including reports required to be filed with the SEC pursuant to applicable requirements.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VI. Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States. The Audit Committee will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy.

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

VII. All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule. Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee or its delegate.

A list of the SEC’s prohibited non-audit services are as follows:

(a) Bookkeeping or other services relating to the accounting records or financial statements of the Funds

(b) Financial information system design and implementation

(d) Actuarial services

(e) Internal audit outsourcing services

(f) Management functions

(g) Human resources services

(h) Broker-dealer, investment adviser or investment banking services

(i) Legal services unrelated to the audit

(j) Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, the Investment Adviser or an Adviser Entity authorize the independent auditor for the Funds to provide prohibited non-audit services.

VIII. De Minimis Waiver.

In accordance with the Act and SEC regulations, notwithstanding anything in this Policy to the contrary, the pre-approval requirements of this Policy are waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided:

(a) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid the Investment Company to the independent auditor during the fiscal year in which the services were provided;

(b) Such services were not recognized by the Funds at the time of the engagement to be non-audit services requiring pre-approval by the Audit Committee or its delegate; and

(c) Such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or its delegate prior to the completion of the audit, pursuant to the pre-approval provisions of this Policy.

With respect to the provision of fund-related services to Adviser Entities, the aggregate amount of services provided must constitute no more than five percent of the total amount of fees paid by the Investment Company and the relevant Adviser Entities to the independent auditor during the fiscal year in which the services were provided.

In connection with the approval of any non-audit service pursuant to this de minimis exception, a record shall be made indicating that each of the conditions for this exception has been satisfied.

IX. Pre-Approval Fee Levels or Budgeted Amounts.

Pre-approved fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Funds and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for audit, audit-related, and tax services for the Funds (including any audit-related or tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee or its delegate).

X. Procedures

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “Investment Company Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearance Committee that, in their view, the request or application does not involve a prohibited non-audit service and is consistent with the SEC’s rules governing auditor independence.

Russell Investments’ associates and the officers of the Investment Company will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department or an officer of the Investment Company.

XI. Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and their affiliates. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and the Investment Company, RIM and their subsidiaries and affiliates (including persons in financial reporting oversight roles) that may reasonably be thought to bear on the auditor’s independence, consistent with Public Company Accounting Oversight Board Rule 3526, and discussing with the independent auditor its methods and procedures for ensuring its independence.

Footnotes

1 Adviser Entities include the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds.

2 As noted below, the annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is as follows:

Audit Fees 0%

Audit-Related Fees 0%

Tax Fees 0%

All Other Fees 0%

(f) For services, 50 percent or more of which were pre-approved, the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

2024 $0

2025 $0

(h) The registrant’s audit committee of the board of trustees has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable, as the registrant has not been identified by the SEC as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) Not applicable, as the registrant is not a foreign issuer.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedules of Investments

(a) The registrant’s Schedules of Investments are included as part of the Financial Statements filed under Item 7 of this form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies