0001193125-18-286969.txt : 20180928 0001193125-18-286969.hdr.sgml : 20180928 20180928124407 ACCESSION NUMBER: 0001193125-18-286969 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20180928 DATE AS OF CHANGE: 20180928 EFFECTIVENESS DATE: 20180928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUSSELL INVESTMENT CO CENTRAL INDEX KEY: 0000351601 IRS NUMBER: 911151059 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-71299 FILM NUMBER: 181093287 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 800-787-7354 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: RUSSELL FRANK INVESTMENT CO DATE OF NAME CHANGE: 19920703 0000351601 S000001573 U.S. Dynamic Equity Fund C000004243 Class S RSGSX C000004244 Class C RSGCX C000004245 Class E RSGEX C000117394 Class A RSGAX C000117395 Class Y RSGTX C000166196 Class R6 RDYRX C000178296 Class T RDYAX C000178298 Class P RDYMX C000178300 Class M RDYTX 0000351601 S000001585 Equity Income Fund C000004294 Class E REAEX C000004295 Class Y REAYX C000066902 Class A RSQAX C000066903 Class C REQSX C000066904 Class S RLISX C000166198 Class R6 RUCRX C000178331 Class T RAAHX C000178333 Class P RAARX C000178335 Class M RAAUX 0000351601 S000001591 U.S. Defensive Equity Fund C000004312 Class E REQEX C000004313 Class Y REUYX C000066914 Class A REQAX C000066915 Class C REQCX C000066916 Class S REQTX C000166203 Class R6 RUDRX C000178356 Class T RDFAX C000178358 Class P RDFMX C000178360 Class M RDFUX 497 1 d614896d497.htm FORM 497 XBRL Form 497 XBRL

[DECHERT LLP LETTERHEAD]

September 28, 2018

VIA ELECTRONIC TRANSMISSION

U.S. Securities and Exchange Commission

100 F Street N.E.

Washington, D.C. 20549

 

Re:

Russell Investment Company

File Nos. 002-71299 and 811-03153

Dear Sir or Madam:

Transmitted herewith on behalf of Russell Investment Company (the “Trust”) for filing pursuant to Rule 497(e) under the Securities Act of 1933, as amended, are exhibits containing interactive data format risk/return summary information relating to three series of the Trust. The interactive data relates to one supplement filed with the Securities and Exchange Commission (“SEC”) on behalf of the Trust pursuant to Rule 497(e) on September 18, 2018.

The Prospectus and Statement of Additional Information relating to the series were filed February 28, 2018 with the SEC via electronic transmission as part of Post-Effective Amendment No. 242 to the Trust’s Registration Statement on Form N-1A.

No fees are required in connection with this filing. Please contact me at (617) 728-7164 or John V. O’Hanlon, Esq. at (617) 728-7111 if you have any questions concerning this filing.

 

Very truly yours,
/s/ Colleen M. Evans
Colleen M. Evans

 

cc:

John V. O’Hanlon, Esq.

Mary Beth Rhoden Albaneze, Esq.

EX-101.INS 2 ric-20180919.xml XBRL INSTANCE DOCUMENT 0000351601 2018-03-01 2018-03-01 0000351601 ric:S000001591Member 2018-03-01 2018-03-01 0000351601 ric:S000001585Member 2018-03-01 2018-03-01 0000351601 ric:S000001573Member 2018-03-01 2018-03-01 2018-03-01 497 2017-10-31 RUSSELL INVESTMENT CO 0000351601 false 2018-09-19 2018-09-19 <p align="right" style="margin-top: 0px; margin-bottom: 0px;">Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y</p> <p align="center" style="margin-top: 12px; margin-bottom: 0px;">RUSSELL INVESTMENT COMPANY</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Supplement dated September&nbsp;19, 2018 to</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">PROSPECTUS DATED March&nbsp;1, 2018</p> <p style="margin-top: 12px; margin-bottom: 0px;"><b>U.S. DEFENSIVE EQUITY FUND</b>:</p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">NAME CHANGE: Effective January&nbsp;1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. After such date, all references to the U.S. Defensive Equity Fund in the Prospectus listed above are changed to the Sustainable Equity Fund.</p> </td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(ii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL INVESTMENT STRATEGIES: Effective January&nbsp;1, 2019, the U.S. Defensive Equity Fund will change its principal investment strategy from employing a defensive style of investing to pursuing a &#8220;sustainable&#8221; investment strategy. The following is added at the end of the&nbsp;sub-section&nbsp;entitled &#8220;Principal Investment Strategies of the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund: <br/><br/>Principal Investment Strategies of the Fund Effective January&nbsp;1, 2019:<br/><br/>The Fund has a&nbsp;non-fundamental&nbsp;policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes&nbsp;in equity securities. The Fund invests principally in common stocks of large and&nbsp;medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000<sup>&#174;</sup>&nbsp;Index or within the capitalization range of the Russell 1000<sup>&#174;</sup>&nbsp;Index as measured at its most recent reconstitution. The Fund pursues a &#8220;sustainable&#8221; investment strategy that takes into account environmental, social and governance (&#8220;ESG&#8221;) considerations. In particular, the Fund&#8217;s investment strategy seeks to tilt the portfolio toward companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund may employ long-short equity strategies pursuant to which it sells securities short.<br/><br/>Russell Investment Management, LLC (&#8220;RIM&#8221;) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund&#8217;s assets are managed by RIM and multiple money managers&nbsp;unaffiliated with RIM pursuant to a multi-manager approach. The Fund employs discretionary and&nbsp;non-discretionary&nbsp;money managers. The Fund&#8217;s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund&#8217;s&nbsp;non-discretionary&nbsp;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&nbsp;money manager strategies and&nbsp;utilizes quantitative and/or rules-based processes and&nbsp;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 Fund&#8217;s&nbsp;non-discretionary&nbsp;money managers provide model portfolios and the Fund&#8217;s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of&nbsp;its cash&nbsp;to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to&nbsp;take both long and short positions. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information.</p></td> </tr></table><br/><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL RISKS:</p>The following information is added at the end of the&nbsp;sub-section&nbsp;entitled &#8220;Principal Risks of Investing in the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund:<br/><br/>Effective January&nbsp;1, 2019, the &#8220;Equity Securities&#8221; risk factor will be replaced with the following:</td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</p> </td> </tr> </table><br/> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%"></td> <td align="left" valign="top"> <p align="left">Effective January&nbsp;1, 2019, the following risk factor for the Fund will be added:</p></td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Sustainable Investing Risk.&nbsp;Applying sustainability and ESG criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund&#8217;s performance may at times be better or worse than the performance of funds that do not use sustainability criteria.</p></td></tr></table><p style="margin-top: 12px; margin-bottom: 0px;"><b>EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND)</b>:</p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">NAME CHANGE: Effective September&nbsp;12, 2018, the U.S. Core Equity Fund was renamed the Equity Income Fund. All references to the U.S. Core Equity Fund in the Prospectus listed above are changed to the Equity Income Fund.</p> </td> </tr> </table><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(ii)</td> <td align="left" valign="top"> <p align="left">INVESTMENT OBJECTIVE CHANGE: Effective September&nbsp;12, 2018, the investment objective for the Equity Income Fund (formerly, U.S. Core Equity Fund) was changed. The information in the&nbsp;sub-section&nbsp;entitled &#8220;Investment Objective&nbsp;(Non-Fundamental)&#8221;&nbsp;is replaced with the following:<br/><br/>The Fund seeks to provide long term capital growth and current income.</p></td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL INVESTMENT STRATEGIES: Effective September&nbsp;12, 2018, the Equity Income Fund (formerly, U.S. Core Equity Fund) changed its investment strategy from principally investing in common stocks of large and medium capitalization U.S. companies to principally investing in common stocks of dividend-paying large and medium capitalization U.S. companies. The following replaces the&nbsp;sub-section&nbsp;entitled &#8220;Principal Investment Strategies of the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund:<br/><br/>The Fund has a&nbsp;non-fundamental&nbsp;policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000<sup>&#174;</sup>&nbsp;Index or within the capitalization range of the Russell 1000<sup>&#174;</sup>&nbsp;Index as measured at its most recent reconstitution. The Fund may also invest in equity securities economically tied to&nbsp;non-U.S.&nbsp;countries.<br/><br/>Russell Investment Management, LLC (&#8220;RIM&#8221;) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is&nbsp;managed pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. The Fund&#8217;s money managers are unaffiliated with RIM and have&nbsp;non-discretionary&nbsp;asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM 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 Fund&#8217;s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of&nbsp;its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.<br/><br/>The Fund may invest in derivative instruments and may use derivatives to&nbsp;take both long and short positions. The Fund may also invest in securities of&nbsp;non-U.S.&nbsp;issuers by purchasing&nbsp;American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;). The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (&#8220;REITs&#8221;), that own and/or manage properties. In connection with the changes to the Fund&#8217;s investment objective and principal investment strategies effective September&nbsp;12, 2018, the Fund may engage in active trading of portfolio securities. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information.</p></td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iv)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL RISKS: The following information is added to the&nbsp;sub-section&nbsp;entitled &#8220;Principal Risks of Investing in the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund):</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">High Portfolio Turnover Risk:&nbsp;The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Non-U.S.&nbsp;Securities.&nbsp;Non-U.S.&nbsp;securities have risks relating to political, economic and regulatory conditions in foreign countries.</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Real Estate Investment Trusts (&#8220;REITs&#8221;). REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants&#8217; credit.</p> </td> </tr> </table>&nbsp;&nbsp;<p style="margin-top: 12px; margin-bottom: 0px;"><b>EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND) RISK/RETURN SUMMARY:</b></p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">The following replaces the &#8220;Annual Fund Operating Expenses&#8221; and &#8220;Example&#8221; tables in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund) in the Prospectus listed above:</p> </td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)# </b></p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="30%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Advisory<br/>Fee</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Distribution<br/>(12b-1)&nbsp;Fees</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Other<br/>Expenses<br/>(including<br/>shareholder<br/>services&nbsp;fees<br/>of&nbsp;0.25%&nbsp;for<br/>Class C and<br/>Class&nbsp;E&nbsp;Shares)</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Total<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Less Fee<br/>Waivers and<br/>Expense<br/>Reimbursements</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Net<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.56%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.81%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.56%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.15</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.07</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.64%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.07</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.64%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.09</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.77%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.66%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.61%</td> <td valign="bottom">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left">#</td> <td align="left" valign="top">Until February&nbsp;29, 2020, Russell Investment Management, LLC (&#8220;RIM&#8221;) has contractually agreed to waive 0.05% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval. </td></tr></table> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">Until February&nbsp;28, 2019, Russell Investments Fund Services, LLC (&#8220;RIFUS&#8221;) has contractually agreed to waive 0.10% of its transfer agency fees for Class&nbsp;M Shares, 0.04% of its transfer agency fees for Class&nbsp;S Shares and 0.02% of its transfer agency fees for Class&nbsp;P and Class&nbsp;R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Less Fee Waivers and Expense Reimbursements&#8221; and &#8220;Net Annual Fund Operating Expenses&#8221; have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Other Expenses&#8221; for Class&nbsp;M, Class&nbsp;P, Class&nbsp;R6 and Class&nbsp;T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Example </b></p> <p style="margin-top:6px;margin-bottom:0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="margin-top:6px;margin-bottom:0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements.&nbsp;The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. </p> <p style="margin-top:6px;margin-bottom:0px">Although your actual costs may be higher or lower, under these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">677</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">903</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,147</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,845</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">184</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">580</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,001</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,176</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">108</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">348</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">607</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,347</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">73</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">259</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">462</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,047</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">65</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">220</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">388</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">876</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">65</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">220</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">388</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">876</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">79</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">265</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">468</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,052</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">355</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">589</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">842</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,564</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">206</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">363</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">818</td> <td valign="bottom">&nbsp;</td></tr> </table><p style="margin-top:6px;margin-bottom:0px"><b>U.S. DEFENSIVE EQUITY FUND RISK/RETURN SUMMARY:</b> The following replaces the &#8220;Example&#8221; table in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund in the Prospectus listed above:</p><p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">706</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">984</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,282</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,127</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">215</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">664</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,139</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,452</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">139</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">434</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">750</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,646</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">104</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">346</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">607</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,354</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">97</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">307</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">534</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,188</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">97</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">307</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">534</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,188</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">110</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">352</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">613</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,360</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">386</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">673</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">981</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,855</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">94</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">293</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">509</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,131</td> <td valign="bottom">&nbsp;</td></tr></table><p style="margin-top:12px;margin-bottom:0px"><b>U.S. DYNAMIC EQUITY FUND RISK/RETURN SUMMARY</b>:</p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">The following replaces the &#8220;Annual Fund Operating Expenses&#8221; and &#8220;Example&#8221; tables in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the U.S. Dynamic Equity Fund in the Prospectus listed above:</p> </td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)# </b></p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="30%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Advisory<br/>Fee</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Distribution<br/>(12b-1)&nbsp;Fees</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Other<br/>Expenses<br/>(including<br/>shareholder<br/>services&nbsp;fees<br/>of&nbsp;0.25%&nbsp;for<br/>Class&nbsp;&nbsp;C&nbsp;and<br/>Class&nbsp;E&nbsp;Shares<br/>and Dividend<br/>and Interest<br/>Expenses on<br/>Short Sales<br/>of 0.11%)</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Total<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Less Fee<br/>Waivers and<br/>Expense<br/>Reimbursements</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Net&nbsp;Annual<br/>Fund&nbsp;Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.47%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.72%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">2.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">2.22%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.72%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.47%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.10</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.17%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.32%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.12%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.02</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.32%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.12%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.02</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.09</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.18%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.00</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.07%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.00</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.07%</td> <td valign="bottom">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left">#</td> <td align="left" valign="top">Until February&nbsp;28, 2019, Russell Investments Fund Services, LLC (&#8220;RIFUS&#8221;) has contractually agreed to waive 0.10% of its transfer agency fees for Class&nbsp;M Shares, and 0.02% of its transfer agency fees for Class&nbsp;P and Class&nbsp;R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. </td></tr></table> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">Until February&nbsp;29, 2020, RIFUS has contractually agreed to waive 0.05% of its transfer agency fees for Class&nbsp;A, C and E Shares, and 0.09% of its transfer agency fees for Class&nbsp;S Shares. These waivers may not be terminated during the relevant period except with Board approval. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Less Fee Waivers and Expense Reimbursements&#8221; and &#8220;Net Annual Fund Operating Expenses&#8221; have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Other Expenses&#8221; for Class&nbsp;M, Class&nbsp;P, Class&nbsp;R6 and Class&nbsp;T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Example </b></p> <p style="margin-top:6px;margin-bottom:0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="margin-top:6px;margin-bottom:0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements.&nbsp;The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. </p> <p style="margin-top:6px;margin-bottom:0px">Although your actual costs may be higher or lower, under these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="50%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">716</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,023</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,352</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,279</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">225</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">705</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,211</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,601</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">150</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">475</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">824</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,808</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">119</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">393</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">687</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,525</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">354</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">615</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">354</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">615</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">120</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">394</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">688</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,526</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">401</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">718</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,058</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,017</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">109</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">340</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">590</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,306</td> <td valign="bottom">&nbsp;</td></tr> </table> <p align="right" style="margin-top: 0px; margin-bottom: 0px;">Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y</p> <p align="center" style="margin-top: 12px; margin-bottom: 0px;">RUSSELL INVESTMENT COMPANY</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Supplement dated September&nbsp;19, 2018 to</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">PROSPECTUS DATED March&nbsp;1, 2018</p><p style="margin-top: 12px; margin-bottom: 0px;"><b>U.S. DEFENSIVE EQUITY FUND</b>:</p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">NAME CHANGE: Effective January&nbsp;1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. After such date, all references to the U.S. Defensive Equity Fund in the Prospectus listed above are changed to the Sustainable Equity Fund.</p> </td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(ii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL INVESTMENT STRATEGIES: Effective January&nbsp;1, 2019, the U.S. Defensive Equity Fund will change its principal investment strategy from employing a defensive style of investing to pursuing a &#8220;sustainable&#8221; investment strategy. The following is added at the end of the&nbsp;sub-section&nbsp;entitled &#8220;Principal Investment Strategies of the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund: <br/><br/>Principal Investment Strategies of the Fund Effective January&nbsp;1, 2019:<br/><br/>The Fund has a&nbsp;non-fundamental&nbsp;policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes&nbsp;in equity securities. The Fund invests principally in common stocks of large and&nbsp;medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000<sup>&#174;</sup>&nbsp;Index or within the capitalization range of the Russell 1000<sup>&#174;</sup>&nbsp;Index as measured at its most recent reconstitution. The Fund pursues a &#8220;sustainable&#8221; investment strategy that takes into account environmental, social and governance (&#8220;ESG&#8221;) considerations. In particular, the Fund&#8217;s investment strategy seeks to tilt the portfolio toward companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund may employ long-short equity strategies pursuant to which it sells securities short.<br/><br/>Russell Investment Management, LLC (&#8220;RIM&#8221;) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund&#8217;s assets are managed by RIM and multiple money managers&nbsp;unaffiliated with RIM pursuant to a multi-manager approach. The Fund employs discretionary and&nbsp;non-discretionary&nbsp;money managers. The Fund&#8217;s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund&#8217;s&nbsp;non-discretionary&nbsp;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&nbsp;money manager strategies and&nbsp;utilizes quantitative and/or rules-based processes and&nbsp;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 Fund&#8217;s&nbsp;non-discretionary&nbsp;money managers provide model portfolios and the Fund&#8217;s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of&nbsp;its cash&nbsp;to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to&nbsp;take both long and short positions. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information.</p></td> </tr></table><br/><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL RISKS:</p>The following information is added at the end of the&nbsp;sub-section&nbsp;entitled &#8220;Principal Risks of Investing in the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund:<br/><br/>Effective January&nbsp;1, 2019, the &#8220;Equity Securities&#8221; risk factor will be replaced with the following:</td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.</p> </td> </tr> </table><br/> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%"></td> <td align="left" valign="top"> <p align="left">Effective January&nbsp;1, 2019, the following risk factor for the Fund will be added:</p></td> </tr></table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"><tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Sustainable Investing Risk.&nbsp;Applying sustainability and ESG criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund&#8217;s performance may at times be better or worse than the performance of funds that do not use sustainability criteria.</p></td></tr></table><p style="margin-top:12x;margin-bottom:0px"><b>U.S. DEFENSIVE EQUITY FUND RISK/RETURN SUMMARY:</b> The following replaces the &#8220;Example&#8221; table in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the U.S. Defensive Equity Fund in the Prospectus listed above:</p><p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">706</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">984</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,282</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,127</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">215</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">664</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,139</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,452</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">139</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">434</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">750</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,646</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">104</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">346</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">607</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,354</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">97</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">307</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">534</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,188</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">97</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">307</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">534</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,188</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">110</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">352</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">613</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,360</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">386</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">673</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">981</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,855</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">94</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">293</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">509</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,131</td> <td valign="bottom">&nbsp;</td></tr></table> <p align="right" style="margin-top: 0px; margin-bottom: 0px;">Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y</p> <p align="center" style="margin-top: 12px; margin-bottom: 0px;">RUSSELL INVESTMENT COMPANY</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Supplement dated September&nbsp;19, 2018 to</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">PROSPECTUS DATED March&nbsp;1, 2018</p><p style="margin-top: 12px; margin-bottom: 0px;"><b>EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND)</b>:</p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">NAME CHANGE: Effective September&nbsp;12, 2018, the U.S. Core Equity Fund was renamed the Equity Income Fund. All references to the U.S. Core Equity Fund in the Prospectus listed above are changed to the Equity Income Fund.</p> </td> </tr> </table><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(ii)</td> <td align="left" valign="top"> <p align="left">INVESTMENT OBJECTIVE CHANGE: Effective September&nbsp;12, 2018, the investment objective for the Equity Income Fund (formerly, U.S. Core Equity Fund) was changed. The information in the&nbsp;sub-section&nbsp;entitled &#8220;Investment Objective&nbsp;(Non-Fundamental)&#8221;&nbsp;is replaced with the following:</p> </td> </tr> </table> <p style="margin-top: 6px; margin-bottom: 0px; margin-left: 125.359px;">The Fund seeks to provide long term capital growth and current income.</p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iii)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL INVESTMENT STRATEGIES: Effective September&nbsp;12, 2018, the Equity Income Fund (formerly, U.S. Core Equity Fund) changed its investment strategy from principally investing in common stocks of large and medium capitalization U.S. companies to principally investing in common stocks of dividend-paying large and medium capitalization U.S. companies. The following replaces the&nbsp;sub-section&nbsp;entitled &#8220;Principal Investment Strategies of the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund:<br/><br/>The Fund has a&nbsp;non-fundamental&nbsp;policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000<sup>&#174;</sup>&nbsp;Index or within the capitalization range of the Russell 1000<sup>&#174;</sup>&nbsp;Index as measured at its most recent reconstitution. The Fund may also invest in equity securities economically tied to&nbsp;non-U.S.&nbsp;countries.<br/><br/>Russell Investment Management, LLC (&#8220;RIM&#8221;) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is&nbsp;managed pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. The Fund&#8217;s money managers are unaffiliated with RIM and have&nbsp;non-discretionary&nbsp;asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM 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 Fund&#8217;s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of&nbsp;its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.<br/><br/>The Fund may invest in derivative instruments and may use derivatives to&nbsp;take both long and short positions. The Fund may also invest in securities of&nbsp;non-U.S.&nbsp;issuers by purchasing&nbsp;American Depositary Receipts (&#8220;ADRs&#8221;) or Global Depositary Receipts (&#8220;GDRs&#8221;). The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (&#8220;REITs&#8221;), that own and/or manage properties. In connection with the changes to the Fund&#8217;s investment objective and principal investment strategies effective September&nbsp;12, 2018, the Fund may engage in active trading of portfolio securities. Please refer to the &#8220;Investment Objective and Investment Strategies&#8221; section in the Fund&#8217;s Prospectus for further information.</p></td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(iv)</td> <td align="left" valign="top"> <p align="left">PRINCIPAL RISKS: The following information is added to the&nbsp;sub-section&nbsp;entitled &#8220;Principal Risks of Investing in the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund):</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">High Portfolio Turnover Risk:&nbsp;The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Non-U.S.&nbsp;Securities.&nbsp;Non-U.S.&nbsp;securities have risks relating to political, economic and regulatory conditions in foreign countries.</p> </td> </tr> </table> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="8%"></td> <td align="left" valign="top" width="2%">&bull;</td> <td valign="top" width="1%"></td> <td align="left" valign="top"> <p align="left">Real Estate Investment Trusts (&#8220;REITs&#8221;). REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants&#8217; credit.</p> </td> </tr> </table><p style="margin-top: 12px; margin-bottom: 0px;"><b>EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND) RISK/RETURN SUMMARY:</b></p> <p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">The following replaces the &#8220;Annual Fund Operating Expenses&#8221; and &#8220;Example&#8221; tables in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund) in the Prospectus listed above:</p> </td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)# </b></p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="30%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Advisory<br/>Fee</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Distribution<br/>(12b-1)&nbsp;Fees</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Other<br/>Expenses<br/>(including<br/>shareholder<br/>services&nbsp;fees<br/>of&nbsp;0.25%&nbsp;for<br/>Class C and<br/>Class&nbsp;E&nbsp;Shares)</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Total<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Less Fee<br/>Waivers and<br/>Expense<br/>Reimbursements</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Net<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.56%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.81%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.56%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.15</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.07</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.64%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.16%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.71%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.07</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.64%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.86%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.09</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.77%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.31%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.06%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.55%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.11%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.66%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.61%</td> <td valign="bottom">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left">#</td> <td align="left" valign="top">Until February&nbsp;29, 2020, Russell Investment Management, LLC (&#8220;RIM&#8221;) has contractually agreed to waive 0.05% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval. </td></tr></table> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">Until February&nbsp;28, 2019, Russell Investments Fund Services, LLC (&#8220;RIFUS&#8221;) has contractually agreed to waive 0.10% of its transfer agency fees for Class&nbsp;M Shares, 0.04% of its transfer agency fees for Class&nbsp;S Shares and 0.02% of its transfer agency fees for Class&nbsp;P and Class&nbsp;R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Less Fee Waivers and Expense Reimbursements&#8221; and &#8220;Net Annual Fund Operating Expenses&#8221; have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Other Expenses&#8221; for Class&nbsp;M, Class&nbsp;P, Class&nbsp;R6 and Class&nbsp;T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Example </b></p> <p style="margin-top:6px;margin-bottom:0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="margin-top:6px;margin-bottom:0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements.&nbsp;The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. </p> <p style="margin-top:6px;margin-bottom:0px">Although your actual costs may be higher or lower, under these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="52%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">677</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">903</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,147</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,845</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">184</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">580</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,001</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,176</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">108</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">348</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">607</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,347</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">73</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">259</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">462</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,047</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">65</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">220</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">388</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">876</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">65</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">220</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">388</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">876</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">79</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">265</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">468</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,052</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">355</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">589</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">842</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,564</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">62</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">206</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">363</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">818</td> <td valign="bottom">&nbsp;</td></tr> </table> <p align="right" style="margin-top: 0px; margin-bottom: 0px;">Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y</p> <p align="center" style="margin-top: 12px; margin-bottom: 0px;">RUSSELL INVESTMENT COMPANY</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">Supplement dated September&nbsp;19, 2018 to</p> <p align="center" style="margin-top: 0px; margin-bottom: 0px;">PROSPECTUS DATED March&nbsp;1, 2018</p><p style="margin-top:12px;margin-bottom:0px"><b>U.S. DYNAMIC EQUITY FUND RISK/RETURN SUMMARY</b>:</p><p style="margin-top: 0px; margin-bottom: 0px;">&nbsp;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse;" width="100%"> <tr style="break-inside: avoid;"> <td width="4%"></td> <td align="left" valign="top" width="4%">(i)</td> <td align="left" valign="top"> <p align="left">The following replaces the &#8220;Annual Fund Operating Expenses&#8221; and &#8220;Example&#8221; tables in the sub-section entitled &#8220;Fees and Expenses of the Fund&#8221; in the Risk/Return Summary section for the U.S. Dynamic Equity Fund in the Prospectus listed above:</p> </td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)# </b></p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="30%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Advisory<br/>Fee</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Distribution<br/>(12b-1)&nbsp;Fees</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Other<br/>Expenses<br/>(including<br/>shareholder<br/>services&nbsp;fees<br/>of&nbsp;0.25%&nbsp;for<br/>Class C&nbsp;and<br/>Class&nbsp;E&nbsp;Shares<br/>and Dividend<br/>and Interest<br/>Expenses on<br/>Short Sales<br/>of 0.11%)</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Total<br/>Annual&nbsp;Fund<br/>Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Less Fee<br/>Waivers and<br/>Expense<br/>Reimbursements</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>Net&nbsp;Annual<br/>Fund&nbsp;Operating<br/>Expenses</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.47%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.75%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.72%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">2.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">2.22%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.72%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.05</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.47%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.10</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.17%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.32%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.12%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.02</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.32%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.12%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.02</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.10%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.09</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.18%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.25%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.47%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.00</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.52%</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.80%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">None</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">0.27%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.07%</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">(0.00</td> <td valign="bottom">)%&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right">1.07%</td> <td valign="bottom">&nbsp;</td></tr> </table> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table style="border-collapse:collapse" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr style="page-break-inside:avoid"> <td width="3%" valign="top" align="left">#</td> <td align="left" valign="top">Until February&nbsp;28, 2019, Russell Investments Fund Services, LLC (&#8220;RIFUS&#8221;) has contractually agreed to waive 0.10% of its transfer agency fees for Class&nbsp;M Shares, and 0.02% of its transfer agency fees for Class&nbsp;P and Class&nbsp;R6 Shares. These waivers may not be terminated during the relevant period except with Board approval. </td></tr></table> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">Until February&nbsp;29, 2020, RIFUS has contractually agreed to waive 0.05% of its transfer agency fees for Class&nbsp;A, C and E Shares, and 0.09% of its transfer agency fees for Class&nbsp;S Shares. These waivers may not be terminated during the relevant period except with Board approval. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Less Fee Waivers and Expense Reimbursements&#8221; and &#8220;Net Annual Fund Operating Expenses&#8221; have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver. </p> <p style="margin-top:6px;margin-bottom:0px; margin-left:3%">&#8220;Other Expenses&#8221; for Class&nbsp;M, Class&nbsp;P, Class&nbsp;R6 and Class&nbsp;T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year. </p> <p style="margin-top:12px;margin-bottom:0px"><b>Example </b></p> <p style="margin-top:6px;margin-bottom:0px">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p> <p style="margin-top:6px;margin-bottom:0px">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements.&nbsp;The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods. </p> <p style="margin-top:6px;margin-bottom:0px">Although your actual costs may be higher or lower, under these assumptions your costs would be: </p> <p style="margin-top:0px;margin-bottom:0px">&nbsp;</p> <table cellspacing="0" cellpadding="0" width="84%" border="0" style="border-collapse:collapse" align="center"> <tr> <td width="50%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid"> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>1&nbsp;Year</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>3&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>5&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1px solid #000000"><b>10&nbsp;Years</b></td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;A Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">716</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,023</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,352</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,279</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;C Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">225</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">705</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,211</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,601</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;E Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">150</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">475</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">824</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,808</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;M Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">119</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">393</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">687</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,525</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;P Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">354</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">615</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;R6 Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">112</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">354</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">615</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,361</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;S Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">120</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">394</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">688</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,526</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;T Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">401</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">718</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,058</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,017</td> <td valign="bottom">&nbsp;</td></tr> <tr style="page-break-inside:avoid"> <td valign="top"> <div style="margin-left:1.00em; text-indent:-1.00em">Class&nbsp;Y Shares</div></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">109</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">340</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">590</td> <td valign="bottom">&nbsp;</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,306</td> <td valign="bottom">&nbsp;</td></tr> </table> EX-101.SCH 3 ric-20180919.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information {Elements} link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Supplement {Unlabeled} - RUSSELL INVESTMENT CO link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - RUSSELL INVESTMENT CO link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 ric-20180919_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 ric-20180919_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 6 ric-20180919_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
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Mar. 01, 2018

Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y

RUSSELL INVESTMENT COMPANY

Supplement dated September 19, 2018 to

PROSPECTUS DATED March 1, 2018

U.S. DEFENSIVE EQUITY FUND:

 

(i)

NAME CHANGE: Effective January 1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. After such date, all references to the U.S. Defensive Equity Fund in the Prospectus listed above are changed to the Sustainable Equity Fund.

 

(ii)

PRINCIPAL INVESTMENT STRATEGIES: Effective January 1, 2019, the U.S. Defensive Equity Fund will change its principal investment strategy from employing a defensive style of investing to pursuing a “sustainable” investment strategy. The following is added at the end of the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Principal Investment Strategies of the Fund Effective January 1, 2019:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund pursues a “sustainable” investment strategy that takes into account environmental, social and governance (“ESG”) considerations. In particular, the Fund’s investment strategy seeks to tilt the portfolio toward companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund may employ long-short equity strategies pursuant to which it sells securities short.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. The Fund employs discretionary and non-discretionary money managers. The Fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’s 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 Fund’s non-discretionary money managers provide model portfolios and the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.


(iii)

PRINCIPAL RISKS:

The following information is added at the end of the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Effective January 1, 2019, the “Equity Securities” risk factor will be replaced with the following:

 

Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.


Effective January 1, 2019, the following risk factor for the Fund will be added:

 

Sustainable Investing Risk. Applying sustainability and ESG criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund’s performance may at times be better or worse than the performance of funds that do not use sustainability criteria.

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND):

 

(i)

NAME CHANGE: Effective September 12, 2018, the U.S. Core Equity Fund was renamed the Equity Income Fund. All references to the U.S. Core Equity Fund in the Prospectus listed above are changed to the Equity Income Fund.

 

(ii)

INVESTMENT OBJECTIVE CHANGE: Effective September 12, 2018, the investment objective for the Equity Income Fund (formerly, U.S. Core Equity Fund) was changed. The information in the sub-section entitled “Investment Objective (Non-Fundamental)” is replaced with the following:

The Fund seeks to provide long term capital growth and current income.

 

(iii)

PRINCIPAL INVESTMENT STRATEGIES: Effective September 12, 2018, the Equity Income Fund (formerly, U.S. Core Equity Fund) changed its investment strategy from principally investing in common stocks of large and medium capitalization U.S. companies to principally investing in common stocks of dividend-paying large and medium capitalization U.S. companies. The following replaces the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the Equity Income Fund:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund may also invest in equity securities economically tied to non-U.S. countries.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is managed pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. The Fund’s money managers are unaffiliated with RIM and have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM 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 Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. In connection with the changes to the Fund’s investment objective and principal investment strategies effective September 12, 2018, the Fund may engage in active trading of portfolio securities. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

 

(iv)

PRINCIPAL RISKS: The following information is added to the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund):

 

High Portfolio Turnover Risk: The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.

 

Non-U.S. Securities. Non-U.S. securities have risks relating to political, economic and regulatory conditions in foreign countries.

 

Real Estate Investment Trusts (“REITs”). REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit.

  

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND) RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund) in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class C and
Class E Shares)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net
Annual Fund
Operating
Expenses
 
Class A Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class C Shares
     0.55%        0.75%        0.56%        1.86%        (0.05 )%      1.81%  
Class E Shares
     0.55%        None        0.56%        1.11%        (0.05 )%      1.06%  
Class M Shares
     0.55%        None        0.31%        0.86%        (0.15 )%      0.71%  
Class P Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class R6 Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class S Shares
     0.55%        None        0.31%        0.86%        (0.09 )%      0.77%  
Class T Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class Y Shares
     0.55%        None        0.11%        0.66%        (0.05 )%      0.61%  

 

# Until February 29, 2020, Russell Investment Management, LLC (“RIM”) has contractually agreed to waive 0.05% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval.

Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A
   $ 677      $ 903      $ 1,147      $ 1,845  
Class C
   $ 184      $ 580      $ 1,001      $ 2,176  
Class E
   $ 108      $ 348      $ 607      $ 1,347  
Class M
   $ 73      $ 259      $ 462      $ 1,047  
Class P
   $ 65      $ 220      $ 388      $ 876  
Class R6
   $ 65      $ 220      $ 388      $ 876  
Class S
   $ 79      $ 265      $ 468      $ 1,052  
Class T
   $ 355      $ 589      $ 842      $ 1,564  
Class Y
   $ 62      $ 206      $ 363      $ 818  

U.S. DEFENSIVE EQUITY FUND RISK/RETURN SUMMARY: The following replaces the “Example” table in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund in the Prospectus listed above:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 706      $ 984      $ 1,282      $ 2,127  
Class C Shares
   $ 215      $ 664      $ 1,139      $ 2,452  
Class E Shares
   $ 139      $ 434      $ 750      $ 1,646  
Class M Shares
   $ 104      $ 346      $ 607      $ 1,354  
Class P Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class R6 Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class S Shares
   $ 110      $ 352      $ 613      $ 1,360  
Class T Shares
   $ 386      $ 673      $ 981      $ 1,855  
Class Y Shares
   $ 94      $ 293      $ 509      $ 1,131  

U.S. DYNAMIC EQUITY FUND RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Dynamic Equity Fund in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class  C and
Class E Shares
and Dividend
and Interest
Expenses on
Short Sales
of 0.11%)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net Annual
Fund Operating
Expenses
 
Class A Shares
     0.80%        0.25%        0.47%        1.52%        (0.05 )%      1.47%  
Class C Shares
     0.80%        0.75%        0.72%        2.27%        (0.05 )%      2.22%  
Class E Shares
     0.80%        None        0.72%        1.52%        (0.05 )%      1.47%  
Class M Shares
     0.80%        None        0.47%        1.27%        (0.10 )%      1.17%  
Class P Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class R6 Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class S Shares
     0.80%        None        0.47%        1.27%        (0.09 )%      1.18%  
Class T Shares
     0.80%        0.25%        0.47%        1.52%        (0.00 )%      1.52%  
Class Y Shares
     0.80%        None        0.27%        1.07%        (0.00 )%      1.07%  

 

# Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

Until February 29, 2020, RIFUS has contractually agreed to waive 0.05% of its transfer agency fees for Class A, C and E Shares, and 0.09% of its transfer agency fees for Class S Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 716      $ 1,023      $ 1,352      $ 2,279  
Class C Shares
   $ 225      $ 705      $ 1,211      $ 2,601  
Class E Shares
   $ 150      $ 475      $ 824      $ 1,808  
Class M Shares
   $ 119      $ 393      $ 687      $ 1,525  
Class P Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class R6 Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class S Shares
   $ 120      $ 394      $ 688      $ 1,526  
Class T Shares
   $ 401      $ 718      $ 1,058      $ 2,017  
Class Y Shares
   $ 109      $ 340      $ 590      $ 1,306  
XML 9 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName RUSSELL INVESTMENT CO
Prospectus Date rr_ProspectusDate Mar. 01, 2018
Supplement [Text Block] ric_SupplementTextBlock

Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y

RUSSELL INVESTMENT COMPANY

Supplement dated September 19, 2018 to

PROSPECTUS DATED March 1, 2018

U.S. DEFENSIVE EQUITY FUND:

 

(i)

NAME CHANGE: Effective January 1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. After such date, all references to the U.S. Defensive Equity Fund in the Prospectus listed above are changed to the Sustainable Equity Fund.

 

(ii)

PRINCIPAL INVESTMENT STRATEGIES: Effective January 1, 2019, the U.S. Defensive Equity Fund will change its principal investment strategy from employing a defensive style of investing to pursuing a “sustainable” investment strategy. The following is added at the end of the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Principal Investment Strategies of the Fund Effective January 1, 2019:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund pursues a “sustainable” investment strategy that takes into account environmental, social and governance (“ESG”) considerations. In particular, the Fund’s investment strategy seeks to tilt the portfolio toward companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund may employ long-short equity strategies pursuant to which it sells securities short.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. The Fund employs discretionary and non-discretionary money managers. The Fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’s 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 Fund’s non-discretionary money managers provide model portfolios and the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.


(iii)

PRINCIPAL RISKS:

The following information is added at the end of the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Effective January 1, 2019, the “Equity Securities” risk factor will be replaced with the following:

 

Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.


Effective January 1, 2019, the following risk factor for the Fund will be added:

 

Sustainable Investing Risk. Applying sustainability and ESG criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund’s performance may at times be better or worse than the performance of funds that do not use sustainability criteria.

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND):

 

(i)

NAME CHANGE: Effective September 12, 2018, the U.S. Core Equity Fund was renamed the Equity Income Fund. All references to the U.S. Core Equity Fund in the Prospectus listed above are changed to the Equity Income Fund.

 

(ii)

INVESTMENT OBJECTIVE CHANGE: Effective September 12, 2018, the investment objective for the Equity Income Fund (formerly, U.S. Core Equity Fund) was changed. The information in the sub-section entitled “Investment Objective (Non-Fundamental)” is replaced with the following:

The Fund seeks to provide long term capital growth and current income.

 

(iii)

PRINCIPAL INVESTMENT STRATEGIES: Effective September 12, 2018, the Equity Income Fund (formerly, U.S. Core Equity Fund) changed its investment strategy from principally investing in common stocks of large and medium capitalization U.S. companies to principally investing in common stocks of dividend-paying large and medium capitalization U.S. companies. The following replaces the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the Equity Income Fund:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund may also invest in equity securities economically tied to non-U.S. countries.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is managed pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. The Fund’s money managers are unaffiliated with RIM and have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM 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 Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. In connection with the changes to the Fund’s investment objective and principal investment strategies effective September 12, 2018, the Fund may engage in active trading of portfolio securities. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

 

(iv)

PRINCIPAL RISKS: The following information is added to the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund):

 

High Portfolio Turnover Risk: The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.

 

Non-U.S. Securities. Non-U.S. securities have risks relating to political, economic and regulatory conditions in foreign countries.

 

Real Estate Investment Trusts (“REITs”). REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit.

  

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND) RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund) in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class C and
Class E Shares)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net
Annual Fund
Operating
Expenses
 
Class A Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class C Shares
     0.55%        0.75%        0.56%        1.86%        (0.05 )%      1.81%  
Class E Shares
     0.55%        None        0.56%        1.11%        (0.05 )%      1.06%  
Class M Shares
     0.55%        None        0.31%        0.86%        (0.15 )%      0.71%  
Class P Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class R6 Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class S Shares
     0.55%        None        0.31%        0.86%        (0.09 )%      0.77%  
Class T Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class Y Shares
     0.55%        None        0.11%        0.66%        (0.05 )%      0.61%  

 

# Until February 29, 2020, Russell Investment Management, LLC (“RIM”) has contractually agreed to waive 0.05% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval.

Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A
   $ 677      $ 903      $ 1,147      $ 1,845  
Class C
   $ 184      $ 580      $ 1,001      $ 2,176  
Class E
   $ 108      $ 348      $ 607      $ 1,347  
Class M
   $ 73      $ 259      $ 462      $ 1,047  
Class P
   $ 65      $ 220      $ 388      $ 876  
Class R6
   $ 65      $ 220      $ 388      $ 876  
Class S
   $ 79      $ 265      $ 468      $ 1,052  
Class T
   $ 355      $ 589      $ 842      $ 1,564  
Class Y
   $ 62      $ 206      $ 363      $ 818  

U.S. DEFENSIVE EQUITY FUND RISK/RETURN SUMMARY: The following replaces the “Example” table in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund in the Prospectus listed above:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 706      $ 984      $ 1,282      $ 2,127  
Class C Shares
   $ 215      $ 664      $ 1,139      $ 2,452  
Class E Shares
   $ 139      $ 434      $ 750      $ 1,646  
Class M Shares
   $ 104      $ 346      $ 607      $ 1,354  
Class P Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class R6 Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class S Shares
   $ 110      $ 352      $ 613      $ 1,360  
Class T Shares
   $ 386      $ 673      $ 981      $ 1,855  
Class Y Shares
   $ 94      $ 293      $ 509      $ 1,131  

U.S. DYNAMIC EQUITY FUND RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Dynamic Equity Fund in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class  C and
Class E Shares
and Dividend
and Interest
Expenses on
Short Sales
of 0.11%)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net Annual
Fund Operating
Expenses
 
Class A Shares
     0.80%        0.25%        0.47%        1.52%        (0.05 )%      1.47%  
Class C Shares
     0.80%        0.75%        0.72%        2.27%        (0.05 )%      2.22%  
Class E Shares
     0.80%        None        0.72%        1.52%        (0.05 )%      1.47%  
Class M Shares
     0.80%        None        0.47%        1.27%        (0.10 )%      1.17%  
Class P Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class R6 Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class S Shares
     0.80%        None        0.47%        1.27%        (0.09 )%      1.18%  
Class T Shares
     0.80%        0.25%        0.47%        1.52%        (0.00 )%      1.52%  
Class Y Shares
     0.80%        None        0.27%        1.07%        (0.00 )%      1.07%  

 

# Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

Until February 29, 2020, RIFUS has contractually agreed to waive 0.05% of its transfer agency fees for Class A, C and E Shares, and 0.09% of its transfer agency fees for Class S Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 716      $ 1,023      $ 1,352      $ 2,279  
Class C Shares
   $ 225      $ 705      $ 1,211      $ 2,601  
Class E Shares
   $ 150      $ 475      $ 824      $ 1,808  
Class M Shares
   $ 119      $ 393      $ 687      $ 1,525  
Class P Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class R6 Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class S Shares
   $ 120      $ 394      $ 688      $ 1,526  
Class T Shares
   $ 401      $ 718      $ 1,058      $ 2,017  
Class Y Shares
   $ 109      $ 340      $ 590      $ 1,306  
U.S. Defensive Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ric_SupplementTextBlock

Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y

RUSSELL INVESTMENT COMPANY

Supplement dated September 19, 2018 to

PROSPECTUS DATED March 1, 2018

U.S. DEFENSIVE EQUITY FUND:

 

(i)

NAME CHANGE: Effective January 1, 2019, the U.S. Defensive Equity Fund will be renamed the Sustainable Equity Fund. After such date, all references to the U.S. Defensive Equity Fund in the Prospectus listed above are changed to the Sustainable Equity Fund.

 

(ii)

PRINCIPAL INVESTMENT STRATEGIES: Effective January 1, 2019, the U.S. Defensive Equity Fund will change its principal investment strategy from employing a defensive style of investing to pursuing a “sustainable” investment strategy. The following is added at the end of the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Principal Investment Strategies of the Fund Effective January 1, 2019:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund pursues a “sustainable” investment strategy that takes into account environmental, social and governance (“ESG”) considerations. In particular, the Fund’s investment strategy seeks to tilt the portfolio toward companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition. The Fund may employ long-short equity strategies pursuant to which it sells securities short.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund’s assets are managed by RIM and multiple money managers unaffiliated with RIM pursuant to a multi-manager approach. The Fund employs discretionary and non-discretionary money managers. The Fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to them. The Fund’s 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 Fund’s non-discretionary money managers provide model portfolios and the Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts. The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.


(iii)

PRINCIPAL RISKS:

The following information is added at the end of the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund:

Effective January 1, 2019, the “Equity Securities” risk factor will be replaced with the following:

 

Equity Securities. The value of equity securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. Investments in medium capitalization companies may involve greater risks because these companies generally have narrower markets, more limited managerial and financial resources and a less diversified product offering than larger, more established companies. Some medium capitalization stocks may also be thinly traded, and thus, difficult to buy and sell in the market.


Effective January 1, 2019, the following risk factor for the Fund will be added:

 

Sustainable Investing Risk. Applying sustainability and ESG criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund’s performance may at times be better or worse than the performance of funds that do not use sustainability criteria.

U.S. DEFENSIVE EQUITY FUND RISK/RETURN SUMMARY: The following replaces the “Example” table in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Defensive Equity Fund in the Prospectus listed above:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 706      $ 984      $ 1,282      $ 2,127  
Class C Shares
   $ 215      $ 664      $ 1,139      $ 2,452  
Class E Shares
   $ 139      $ 434      $ 750      $ 1,646  
Class M Shares
   $ 104      $ 346      $ 607      $ 1,354  
Class P Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class R6 Shares
   $ 97      $ 307      $ 534      $ 1,188  
Class S Shares
   $ 110      $ 352      $ 613      $ 1,360  
Class T Shares
   $ 386      $ 673      $ 981      $ 1,855  
Class Y Shares
   $ 94      $ 293      $ 509      $ 1,131  
Equity Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ric_SupplementTextBlock

Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y

RUSSELL INVESTMENT COMPANY

Supplement dated September 19, 2018 to

PROSPECTUS DATED March 1, 2018

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND):

 

(i)

NAME CHANGE: Effective September 12, 2018, the U.S. Core Equity Fund was renamed the Equity Income Fund. All references to the U.S. Core Equity Fund in the Prospectus listed above are changed to the Equity Income Fund.

 

(ii)

INVESTMENT OBJECTIVE CHANGE: Effective September 12, 2018, the investment objective for the Equity Income Fund (formerly, U.S. Core Equity Fund) was changed. The information in the sub-section entitled “Investment Objective (Non-Fundamental)” is replaced with the following:

The Fund seeks to provide long term capital growth and current income.

 

(iii)

PRINCIPAL INVESTMENT STRATEGIES: Effective September 12, 2018, the Equity Income Fund (formerly, U.S. Core Equity Fund) changed its investment strategy from principally investing in common stocks of large and medium capitalization U.S. companies to principally investing in common stocks of dividend-paying large and medium capitalization U.S. companies. The following replaces the sub-section entitled “Principal Investment Strategies of the Fund” in the Risk/Return Summary section for the Equity Income Fund:

The Fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in equity securities. The Fund invests principally in common stocks of dividend-paying large and medium capitalization U.S. companies. The Fund defines large and medium capitalization stocks as stocks of those companies represented by the Russell 1000® Index or within the capitalization range of the Russell 1000® Index as measured at its most recent reconstitution. The Fund may also invest in equity securities economically tied to non-U.S. countries.

Russell Investment Management, LLC (“RIM”) provides or oversees the provision of all investment advisory and portfolio management services for the Fund. The Fund is managed pursuant to a multi-style (e.g., value, market-oriented and defensive) and multi-manager approach. The Fund’s money managers are unaffiliated with RIM and have non-discretionary asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations, based upon which RIM purchases and sells securities for the Fund. For Fund assets not allocated to money manager strategies, RIM 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 Fund’s cash balances. The Fund usually, but not always, pursues a strategy to be fully invested by exposing all or a portion of its cash to the performance of appropriate markets by purchasing equity securities and/or derivatives, which typically include index futures contracts and forward currency contracts.

The Fund may invest in derivative instruments and may use derivatives to take both long and short positions. The Fund may also invest in securities of non-U.S. issuers by purchasing American Depositary Receipts (“ADRs”) or Global Depositary Receipts (“GDRs”). The Fund may also invest a portion of its assets in securities of companies, known as real estate investment trusts (“REITs”), that own and/or manage properties. In connection with the changes to the Fund’s investment objective and principal investment strategies effective September 12, 2018, the Fund may engage in active trading of portfolio securities. Please refer to the “Investment Objective and Investment Strategies” section in the Fund’s Prospectus for further information.

 

(iv)

PRINCIPAL RISKS: The following information is added to the sub-section entitled “Principal Risks of Investing in the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund):

 

High Portfolio Turnover Risk: The Fund may engage in active and frequent trading, which may result in higher portfolio turnover rates, higher transaction costs and realization of short-term capital gains that will generally be taxable to shareholders as ordinary income.

 

Non-U.S. Securities. Non-U.S. securities have risks relating to political, economic and regulatory conditions in foreign countries.

 

Real Estate Investment Trusts (“REITs”). REITs may be affected by changes in the value of the underlying properties owned by the REITs and by the quality of tenants’ credit.

EQUITY INCOME FUND (FORMERLY, U.S. CORE EQUITY FUND) RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the Equity Income Fund (formerly, U.S. Core Equity Fund) in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class C and
Class E Shares)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net
Annual Fund
Operating
Expenses
 
Class A Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class C Shares
     0.55%        0.75%        0.56%        1.86%        (0.05 )%      1.81%  
Class E Shares
     0.55%        None        0.56%        1.11%        (0.05 )%      1.06%  
Class M Shares
     0.55%        None        0.31%        0.86%        (0.15 )%      0.71%  
Class P Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class R6 Shares
     0.55%        None        0.16%        0.71%        (0.07 )%      0.64%  
Class S Shares
     0.55%        None        0.31%        0.86%        (0.09 )%      0.77%  
Class T Shares
     0.55%        0.25%        0.31%        1.11%        (0.05 )%      1.06%  
Class Y Shares
     0.55%        None        0.11%        0.66%        (0.05 )%      0.61%  

 

# Until February 29, 2020, Russell Investment Management, LLC (“RIM”) has contractually agreed to waive 0.05% of its 0.55% advisory fee. This waiver may not be terminated during the relevant period except with Board approval.

Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, 0.04% of its transfer agency fees for Class S Shares and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A
   $ 677      $ 903      $ 1,147      $ 1,845  
Class C
   $ 184      $ 580      $ 1,001      $ 2,176  
Class E
   $ 108      $ 348      $ 607      $ 1,347  
Class M
   $ 73      $ 259      $ 462      $ 1,047  
Class P
   $ 65      $ 220      $ 388      $ 876  
Class R6
   $ 65      $ 220      $ 388      $ 876  
Class S
   $ 79      $ 265      $ 468      $ 1,052  
Class T
   $ 355      $ 589      $ 842      $ 1,564  
Class Y
   $ 62      $ 206      $ 363      $ 818  
U.S. Dynamic Equity Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] ric_SupplementTextBlock

Russell Investment Company: Classes A, C, E, M, P, R6, S, T and Y

RUSSELL INVESTMENT COMPANY

Supplement dated September 19, 2018 to

PROSPECTUS DATED March 1, 2018

U.S. DYNAMIC EQUITY FUND RISK/RETURN SUMMARY:

 

(i)

The following replaces the “Annual Fund Operating Expenses” and “Example” tables in the sub-section entitled “Fees and Expenses of the Fund” in the Risk/Return Summary section for the U.S. Dynamic Equity Fund in the Prospectus listed above:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)#

 

     Advisory
Fee
     Distribution
(12b-1) Fees
     Other
Expenses
(including
shareholder
services fees
of 0.25% for
Class C and
Class E Shares
and Dividend
and Interest
Expenses on
Short Sales
of 0.11%)
     Total
Annual Fund
Operating
Expenses
     Less Fee
Waivers and
Expense
Reimbursements
    Net Annual
Fund Operating
Expenses
 
Class A Shares
     0.80%        0.25%        0.47%        1.52%        (0.05 )%      1.47%  
Class C Shares
     0.80%        0.75%        0.72%        2.27%        (0.05 )%      2.22%  
Class E Shares
     0.80%        None        0.72%        1.52%        (0.05 )%      1.47%  
Class M Shares
     0.80%        None        0.47%        1.27%        (0.10 )%      1.17%  
Class P Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class R6 Shares
     0.80%        None        0.32%        1.12%        (0.02 )%      1.10%  
Class S Shares
     0.80%        None        0.47%        1.27%        (0.09 )%      1.18%  
Class T Shares
     0.80%        0.25%        0.47%        1.52%        (0.00 )%      1.52%  
Class Y Shares
     0.80%        None        0.27%        1.07%        (0.00 )%      1.07%  

 

# Until February 28, 2019, Russell Investments Fund Services, LLC (“RIFUS”) has contractually agreed to waive 0.10% of its transfer agency fees for Class M Shares, and 0.02% of its transfer agency fees for Class P and Class R6 Shares. These waivers may not be terminated during the relevant period except with Board approval.

Until February 29, 2020, RIFUS has contractually agreed to waive 0.05% of its transfer agency fees for Class A, C and E Shares, and 0.09% of its transfer agency fees for Class S Shares. These waivers may not be terminated during the relevant period except with Board approval.

“Less Fee Waivers and Expense Reimbursements” and “Net Annual Fund Operating Expenses” have been restated to adjust for waivers that were implemented during the fiscal period ended October 31, 2017 but did not reflect a full year of waiver.

“Other Expenses” for Class M, Class P, Class R6 and Class T Shares are based on estimated amounts for the current fiscal year as these Share Classes did not have any assets during the most recent fiscal year.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The example also assumes your investment has a 5% return each year and that operating expenses remain the same. The calculation of costs for the one year period takes into account the effect of any current contractual fee waivers and/or reimbursements. The calculation of costs for the remaining periods takes such fee waivers and/or reimbursements into account only for the first year of the periods.

Although your actual costs may be higher or lower, under these assumptions your costs would be:

 

     1 Year      3 Years      5 Years      10 Years  
Class A Shares
   $ 716      $ 1,023      $ 1,352      $ 2,279  
Class C Shares
   $ 225      $ 705      $ 1,211      $ 2,601  
Class E Shares
   $ 150      $ 475      $ 824      $ 1,808  
Class M Shares
   $ 119      $ 393      $ 687      $ 1,525  
Class P Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class R6 Shares
   $ 112      $ 354      $ 615      $ 1,361  
Class S Shares
   $ 120      $ 394      $ 688      $ 1,526  
Class T Shares
   $ 401      $ 718      $ 1,058      $ 2,017  
Class Y Shares
   $ 109      $ 340      $ 590      $ 1,306  
XML 10 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName RUSSELL INVESTMENT CO
Prospectus Date rr_ProspectusDate Mar. 01, 2018
Document Creation Date dei_DocumentCreationDate Sep. 19, 2018
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