Quarterly Fund Review - Russell Investments...Quarterly Fund Review 3Q2020 Russell Investment Company Funds (Class S) 2 Disclosures Fund objectives, risks, charges and expenses should

Quarterly Fund Review4Q2020

Russell Investment Company Funds (Class S)

2Disclosures

Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary

prospectus, if available, or a prospectus containing this and other important information can be obtained by

calling 800-787-7354 or by visiting https://russellinvestments.com. Please read a prospectus carefully before

investing.The cover page and these disclosure pages must accompany this report, whether used in whole or in part. Any distribution that does not include these pages will not be

compliant. This material has been filed with the FINRA and must be distributed in the manner in which it was filed.

HOW TO USE THIS REPORT: Each fund contains four pages of information that are designed to be used together, with these disclosure pages. So, an investor in the

Russell U.S. Core Equity Fund would receive the cover page, these disclosure pages and the four fund pages which contain a title page and three performance summary

pages.

Money managers listed are current as of December 31, 2020. Subject to the Fund’s Board approval, Russell Investment Management Company, LLC has the right to engage or terminate a money manager at any time and

without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission. Investments in the Funds are not deposits with or other liabilities of any of the money managers and are subject to

investment risk, including loss of income and principal invested and possible delays in payment of redemption proceeds. The money managers do not guarantee the performance of any Fund or any particular rate of return.

While the investment styles employed by the money managers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of

securities and higher portfolio turnover.

**** Russell Investment Management Company, LLC, LLC (RIM) manages this portion of the Fund’s assets to effect the Fund’s investment strategies and/or to actively manage the Fund’s overall exposures to seek to

achieve the desired risk/return profile for the Fund. This does not include liquidity reserves managed directly by RIM, which may constitute 5% or more of fund assets at any given time. RIM may change a Fund’s asset

allocation at any time, including not allocating Fund assets to one or more money manager strategies. ****

Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.

Mutual fund investing involves risk, principal loss is possible. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of

return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.

Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks. Investments in international markets can involve risks of currency fluctuation, political and

economic instability, different accounting standards, and foreign taxation.

Investments in infrastructure-related companies have greater exposure to adverse economic, financial, regulatory, and political risks, including governmental regulations. Global securities may be significantly affected by

political or economic conditions and regulatory requirements in a particular country.

Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index, are subject to the risks of common stocks, may experience considerable price fluctuations and are more volatile

than large company stocks. Generally, the smaller the company size, the greater the risks.

Alternative strategies may be subject to risks related to equity securities; fixed income securities; non-U.S. and emerging markets securities; currency trading, which may involve instruments that have volatile prices, are

illiquid or create economic leverage; commodity investments; illiquid securities; and derivatives, including futures, options, forwards and swaps.

Commodities may have greater volatility than traditional securities. The value of commodities may be affected by changes in overall market movements, changes in interest rates or sectors affecting a particular industry or

commodity, and international economic, political and regulatory developments.

Investments in global equity may be significantly affected by political or economic conditions and regulatory requirements in a particular country. International markets can involve risks of currency fluctuation, political and

economic instability, different accounting standards and foreign taxation. Emerging or frontier markets involve exposure to economic structures that are generally less diverse and mature. The less developed the market, the

riskier the security. Such securities may be less liquid and more volatile.

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. An increase in volatility and default risk are inherent in portfolios that invest in high yield ("junk") bonds or mortgage-

backed securities, with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a

Fund's exposure to risks associated with rising rates. Investment in international and emerging market debt is subject to currency fluctuations and to economic and political risks.

3Disclosures

† The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of: (a) a contractual transfer

agency fee or advisory fee waiver through February 28, 2021; (b) a contractual cap and reimbursement on expenses through February 28, 2021; (c) a contractual agreement to permanently waive the advisory and

administrative fees paid by the Fund in an amount equal to the advisory and administrative fees paid by the Subsidiary. This contractual agreement may not be terminated. Details of these agreements are in the current

prospectus. Absent these reductions, the fund's return would have been lower.

1. The Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares.

2. Income from funds managed for tax efficiency may be subject to alternative minimum tax, and/or any applicable state and local taxes.

3. The Fund first issued Class S Shares on October 22, 2007. The returns shown for Class S Shares prior to that date are the returns of the Fund Class I Shares.

4. For periods prior to April 1, 1995, returns for the Fund were reported gross of investment advisory and administrative fees. Had these fees been reflected, the returns would have been negatively affected. For periods

thereafter, returns are reported net of investment advisory and administrative fees but gross of financial intermediary fees.

5. The Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the

Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted

by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.

6. Use of currency trading strategies may adversely impact a Fund’s ability to meet its investment objective of seeking to provide current income.

7. The Multifactor U.S. Equity and Multifactor International Equity Funds utilize a variety of quantitative inputs and qualitative assessments in their management. If these are not predictive or are incorrect, the Funds may

underperform. These Funds also utilize index replication and/or optimization strategies, which may cause their returns to be lower than if they employed an active security selection strategy.

8. The Multi-Strategy Income Fund seeks to provide a high level of current income and, as a secondary objective, long term capital growth. The fund invests in a broad range of income-producing fixed income, equity and

real asset securities.

9. Returns After Taxes on Distributions may be the same as Returns Before Taxes for the same period if there were no distributions for that period.

10. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, as well as the 3.8% Medicare surtax net investment income tax, and do not reflect the impact of state and local

taxes.

11. Return After Taxes on Distributions and Sale of Fund Shares. If a Fund has realized capital losses, the Return After Taxes on Distributions and Sale of Fund Shares may be higher than the Return Before taxes and the

Return After Taxes on Distributions. The calculation of Return After Taxes on Distributions and Sale of Fund Shares assumes that a shareholder has sufficient capital gains of the same character to offset any capital losses

on a sale of fund shares and that shareholder may therefore deduct the entire capital loss.

12. The Multifactor Bond Fund is a new fund without an operating history, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may

cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

Indexes and Benchmarks are unmanaged and cannot be invested in directly.

The following paragraphs correspond to indexes used in the accompanying pages:

The Russell 1000® Index is an index of 1000 issues representative of the U.S. large capitalization securities market. The date shown represents the date the index comparison began and may not be the actual index

inception date.

The Russell 1000® Defensive Index measures the performance of the large-cap defensive segment of the U.S. equity universe. It includes those Russell 1000® Index companies with relatively stable business conditions

which are less sensitive to economic cycles, credit cycles, and market volatility based on their stability variables. Stability is measured in terms of volatility (price and earnings), leverage, and return on assets.

The Russell 1000® Dynamic Index measures the performance of the large-cap dynamic segment of the U.S. equity universe. It includes those Russell 1000® Index companies with relatively less stable business conditions

which are more sensitive to economic cycles, credit cycles and market volatility based on their stability variables. Stability is measured in terms of volatility (price and earnings), leverage, and return on assets.

The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth

values. Stability is measured in terms of volatility (price and earnings), leverage, and return on assets.

.

4Disclosures

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000®Index, representative of the U.S. small capitalization securities market.

The Russell 2500™ Index is an index of 2500 issues representative of the U.S. small to medium-small capitalization securities market. The date shown represents the date the index comparison began and may not be the

actual index inception date.

The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe and is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a

combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000 companies.

The Russell Developed ex-U.S. Large Cap index offers investors access to the large-cap segment of the developed equity universe, excluding securities classified in the U.S., representing approximately 40% of the global

equity market. This index includes the largest securities in the Russell Developed ex-U.S. Index.

The Russell Developed Large Cap index offers investors access to the large-cap segment of the developed equity universe representing approximately 70% of the global equity market. This index includes the largest

securities in the Russell Developed Index.

The Russell Emerging Markets index measures the performance of the largest investable securities in emerging countries globally, based on market capitalization. The index covers 21% of the investable global market.

The S&P 500® Index is an index, with dividends reinvested, of 500 issues representative of leading companies in the U.S. large cap securities market (representative sample of leading companies in leading industries).

The S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct

infrastructure clusters: utilities, transportation and energy.

The S&P Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and

investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.

Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of goods and services.

FTSE EPRA/NAREIT Developed Real Estate Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. The date shown

represents the date the index comparison began and may not be the actual index inception date.

FTSE NAREIT Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in

qualifying real estate assets other than mortgages secured by real property.

The MSCI World Index (net of tax on dividends from foreign holdings) is a market capitalization index, with net or with gross dividends reinvested, that is designed to measure global developed market equity performance.

The Index is composed of companies representative of the market structure of 23 developed market countries in North America, Europe and the Asia/Pacific Region.

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries -- excluding the United States.

The MSCI AC World Index ex USA captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.

The MSCI EAFE Index is an index with dividends reinvested, representative of the securities markets of twenty developed market countries in Europe, Australia and the Far East (in U.S. dollars; unmanaged). The date

shown represents the date the index comparison began and may not be the actual index inception date.

The MSCI Emerging Markets Index is a market capitalization weighed index of over 850 stocks traded in 22 world markets. The date shown represents the date the index comparison began and may not be the actual index

inception date.

The ICE BofA Global High Yield Index U.S. Hedged is the USD hedged version of the Bank of America Merrill Lynch Global High Yield Index. The index measures the performance of USD, CAD, GBP, and EUR-

denominated below-investment grade corporate debt publicly issued in the major domestic or Eurobond market.

The ICE BofA 1-3 Year U.S. Treasuries Index measures the performance of securities in the Treasury Index with a maturity of 1 up to (but not including) 3 years.

The ICE BofA U.S. 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled in to a newly selected

issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled

on or before the month-end rebalancing date.

5Disclosures

The Bloomberg Barclays U.S. Aggregate Bond Index measures the investment grade, USD-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities,

mortgage based securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage backed securities (CMBS) (agency and non-agency).

The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

The Bloomberg Barclays Municipal1-15 Year Blend (1-17) Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market

The Bloomberg Barclays Municipal High Yield Bond Index is a flagship measure of the non-investment grade and nonrated USD-denominated tax exempt bond market. Included in the index are securities from all 50 US

States and four other qualifying regions (Washington DC, Puerto Rico, Guam, and the Virgin Islands). The index includes state and local general obligation bonds and revenue bonds.

The Bloomberg Commodity Index Total Return is an index composed of futures contracts on 22 physical commodities.

The CBOE S&P 500 BuyWrite Index (BXMSM) Index is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) "writing" (or selling) the near-term S&P 500® Index (SPXSM) "covered" call

option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The

SPX call is held until expiration and cash settled, at which time a new one-month, near-the money call is written.

The Big Six Average is a custom peer universe comprised of the largest six competitor’s multi-asset income funds.

6Disclosures

Glossary of terms

Call Option: Allows the buyer the right (but not the obligation) to purchase the underlying equity or index at a specific price within a specific time period. Every call option has a strike

price and an expiration date. Call options trade on exchanges just like equities and bonds, or can be traded Over-The-Counter (OTC) with dealer counterparties.

Call Option Strike: The pre-specified price at which the call option can be exercised by the buyer.

Call Option Tenor: Options have a defined life. The length of an option’s life is represented by the time left to expiration, or tenor. Tenors can range from a week to ten years.

Written Call Option (aka short call option): Selling an option is also referred to as writing an option. This is the exposure the seller of a call option holds once the transaction is

complete. The seller receives the upfront call premium in exchange for a promise to pay the option buyer an amount due at expiration.

Call Overwriting (aka overwriting, covered portfolio, buy write): The combination of a long equity or index position and a short call position on an identical or similar underlying asset.

Selling an option is also referred to as “writing” an option, so “overwriting” is selling options on top of the equity portfolio.

Call Option Pricing: There are several factors that determine the premium or price of an option. They include, the strike price and tenor of the option, the prevailing risk free interest

rate, the dividend rate of the underlying asset and volatility of the underlying equity or index.

Call Option Roll: If a seller or buyer of a call option elects not to hold the position to expiration, it may want to “roll” the position out to a new expiration date. For a call option seller,

this would mean buying the existing position back and simultaneously writing a new call option with longer tenor and potentially different strike price.

In-the-money (ITM): If a call option’s strike price is below the spot price of the underlying asset at any point in time, it is considered “in-the-money.” A 98% option is in the money.

Out-of-the-money (OTM): If a call option’s strike price is above the spot price of the underlying asset at any point in time, it is considered “out-of-the-money.” A 102% option is out of

the money.

Call Option Pricing: There are several factors that determine the premium or price of an option. They include, the strike price and tenor of the option, the prevailing risk free interest

rate, the dividend rate of the underlying asset and volatility of the underlying equity or index.

Call Option Roll: If a seller or buyer of a call option elects not to hold the position to expiration, it may want to “roll” the position out to a new expiration date. For a call option seller,

this would mean buying the existing position back and simultaneously writing a new call option with longer tenor and potentially different strike price.

In-the-money (ITM): If a call option’s strike price is below the spot price of the underlying asset at any point in time, it is considered “in-the-money.” A 98% option is in the money.

Out-of-the-money (OTM): If a call option’s strike price is above the spot price of the underlying asset at any point in time, it is considered “out-of-the-money.” A 102% option is out of

the money.

Beta: A measure of the Fund's sensitivity to market changes using the Fund's benchmark as an approximation of the market; beta greater than 1 is more volatile than the market;

beta less than 1 is less volatile than the market.

7Disclosures

Russell Investments’ Strategic Factor Beliefs

Value: Russell Investments believes that, over the very long term, value stocks will generate higher returns than growth stocks.

Quality: Russell Investments believes stocks with fundamental security characteristics (e.g. low debt-to-capital ratios) or lower historical return volatility will consistently generate

higher returns relative to stocks that have higher debt-to-capital ratios or higher historical return volatility.

Equity Momentum: Russell Investments believes that high momentum stocks will generate higher returns than low momentum stocks over a market cycle, but may introduce short-

term reversals. Momentum may be defined by relatively strong recent price performance over the last year or, less commonly, relatively strong recent earnings.

Size: Russell Investments believes that there are long-term advantages to overweighting smaller-capitalization stocks and that these are best captured through active management

and well researched factor exposures.

Volatility: Russell Investments believes stocks with higher volatility than stocks with lower volatility do not provide sufficient return to compensate for the additional risk.

Credit (Credit Risk Premium): Russell Investments believes that bonds with credit risk will generate higher returns than those of comparable high-quality government securities over

a market cycle. Russell places a particular emphasis on shorter-term credit issuances and high-yield bonds. Credit risk may be defined by the risk of default, or the probability that a

bond issuer may fail to make payment on their debt obligation.

Duration (Term Risk Premium): Russell Investments believes longer-term bonds will generate higher returns than comparable shorter-term bonds or cash. These higher returns

result from expectations of future interest rates, liquidity preferences and practical constraints on borrowers and lenders. Duration may be defined by the measurement of sensitivity

that a change in interest rates have on the price, or principal amount, of a bond.

Real Yield: Russell Investments believes that bonds issued by sovereign countries with higher real yields have a greater likelihood of outperforming those with low real yields. Real

yield may be defined by a sovereign country’s stated interest rate less the country’s historical inflation rate.

Implied Volatility: Russell Investments believes the implied volatility in options, such as puts and calls, is consistently higher than the volatility realized in the market by the physical

securities they represent. Therefore, using options-based strategies to capture the priced difference between implied and realized volatility will generate a positive return.

Currency: Russell Investments believes currency can generate higher returns than cash through the use of systematic strategies. The currency return sources are carry, valuation

and trend.

Commodities: Russell Investments believes that an allocation to commodities, implemented with futures, will generate a higher return than cash over a market cycle via systematic

and active strategies. These higher returns result from spot price appreciation, the term structure of commodities futures, and the employment of active strategies.

8Disclosures

Important information

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

Russell Investments’ ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital

Partners and Russell Investments’ management.

Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the

Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not

affiliated in any manner with Frank Russell Company or any entity operating under the ‘‘FTSE RUSSELL’’ brand.

Russell Investment Company mutual funds are distributed by Russell Investments Financial Services, LLC, member FINRA, part of Russell Investments.

Copyright ©2021 Russell Investments Group, LLC.

First used: February 2021

RIFIS-23686

RIC Commodity Strategies Fund 4Q2020 Performance Summary

Since Inception

4th Qtr YTD 1 YR 3 YR 5 YR 10 YR Inception Date Total Net

Commodity Strategies Fund 13.77% -1.22% -1.22% -2.18% 1.00% -6.71% -4.17% Jun 30, 2010 1.95% 1.02%

Bloomberg Commodity Index Total Return 10.19% -3.12% -3.12% -2.53% 1.03% -6.50% -3.88%

Annualized Return Annual Expenses

10RIC Commodity Strategies FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

RIM believes that an allocation to commodities, implemented with futures, will

generate a higher return than cash over a market cycle via systematic and

active strategies. These higher returns result from spot price appreciation, the

term structure of commodities futures, and the employment of active strategies.

FUND POSITIONING ENTERING THE QUARTER(versus Fund benchmark)

The Fund had an overweight to grains, softs, and livestock. It had an

underweight to energy, industrial metals, and precious metals.

ANNUAL PERFORMANCE DRIVERS

Drivers Impact1 Commentary1

Underweight

energy+

Underweight positions in the energy sector contributed

to performance.

Overweight

softs+

Select overweight positions in the softs sector had a

positive impact on performance.

QUARTERLY PERFORMANCE DRIVERS


Overweight

grains+

Overweight positions to corn, soybeans, soybean

oil, and soybean meal contributed positively to

performance.

Overweight

livestock +Select positions including the overweight to live

cattle added to performance.

Underweight

precious

metals

-Underweight gold and silver negatively impacted

performance.

FUND-LEVEL PERFORMANCE SUMMARY (BENCHMARK)Periods Ending December 31, 2020

†,(a),(c),5

1. Commentary and impact key reflects contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%), –

(detracted). Returns are for Class S shares at NAV. †,(a),(c),5 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.

Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The most recent month-end performance for Russell Investments mutual funds is available by visiting: https://russellinvestments.com/us/funds/performance-prices.

DRIVERS OF PERFORMANCE

11RIC Commodity Strategies FundPerformance Summary: Fourth Quarter 2020


1. See Disclosures page (****) for discussion of proprietary strategies.

2. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: Bloomberg Commodity Index Total

Return

FUND UPDATES

There were no material changes to the Fund during the quarter.

AUM Target % of

Total Fund Weight Fund 4th Inception

$247.77 97.00% 100.00% Qtr YTD 1 YR 3 YR 5 YR Date

Global Market Oriented $162.30 59.00% 65.50%

Mellon Capital Management Corporation $52.64 22.00% 21.24% + + + + --- Mar-17

Pacific Investment Management Company $109.66 37.00% 44.26% + flat flat + --- Dec-17

RIM $85.47 38.00% 34.50%

Russell Investment Management, LLC (Backwardation)1 $19.99 14.00% 8.07% - - - - flat Mar-13

Russell Investment Management, LLC (Cargill ProAlpha)1 $65.49 24.00% 26.43% + + + + + Jun-14

Fund Benchmark

Bloomberg Commodity Index Total Return 10.19% -3.12% -3.12% -2.53% 1.03%

PERFORMANCE AT A GLANCEPeriods Ending December 31, 2020

12RIC Commodity Strategies FundAppendix: Fourth Quarter 2020

POSITIONING AND OUTLOOK

Key aspects of Fund positioning going forward include the following:

• Over the quarter, Russell Investments’ backwardation strategy removed exposure to live cattle, silver, and natural gas while adding positions in WTI crude, Brent

crude, and corn.

• The Fund’s largest overweight position is currently soybeans, followed by cotton, corn, soybean meal, and live cattle. The Fund’s largest underweight is to gold,

copper, natural gas, and wheat.

• We believe the Fund is positioned to benefit from strong performance in the grains and livestock sectors, and from relative underperformance of the precious

metals and industrial metals sectors.


RIC Emerging Markets Fund 4Q2020 Performance Summary

.

.

14RIC Emerging Markets FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the Russell

Emerging Markets Fund, although RIM believes that emphasizing certain

factors over the course of a market cycle can offer higher benchmark-relative

returns. For the equity funds, this means RIM is more likely to include

securities with lower valuation and higher momentum than the market.


› Value and momentum - The Fund had cheaper valuation than its benchmark, in-line with

Russell Investments strategic preferences, but the momentum exposure was negative.

› Country allocation - The Fund was underweight Saudi Arabia, Taiwan, Malaysia, China

and Thailand. It was overweight South Korea, and Russia. It also held out-off-benchmark

Frontier Market exposure, most notably in Vietnam and Bangladesh.

› Sector allocation - The Fund was overweight to financials, materials. consumer staples

and was underweight to the consumer discretionary, industrials, energy and

communication services sectors.



Value and

Momentum-

A strategic preference for holdings with value characteristics detracted

and was only partially offset by the positive attribution from the fund’s

momentum tilt.

Country and

Sector

Allocation

-

The underweight to China and the consumer discretionary sector in

particular, as well as an overweight to Brazil, Egypt and Turkey were

among the biggest detractors. However, the underweight to countries

like Thailand and Saudi Arabia were rewarded during the year. From a

sector perspective, being underweight the consumer discretionary and

overweight financials sectors detracted from relative value, while the tilt

towards information technology, materials and industrials was beneficial.

Stock Selection -

Stock selection within Taiwan (Parade Technologies), Chile, Poland and

Russia (Yandex) contributed, but stock selection within China, Brazil

and South Korea detracted.



Value +Our strategic preference for stocks with cheaper valuation

characteristics contributed.

Momentum Flat

The benchmark relative momentum exposure has softened this

year as the market has been led by a narrow set of internet names.

We are not acting to chase momentum at this juncture.

Country

Allocation+

An underweight to Thailand marginally detracted. However, being

overweight South Korea and underweight South Arabia and Qatar

contributed.

Security

Selection-

The overweight to materials names (Anhui Conch Cement) and

communication services names (China Mobile and China Telecom)

in China detracted. Stock selection within Thailand and South Africa

was also not rewarded. Stock selection in Taiwan and its

information technology sector and in materials and information

technology names and South Korea offset some of the negative

impact.

.

.


Since Inception


Emerging Markets Fund 19.11% 9.85% 9.85% 2.90% 10.46% 2.63% 6.38% Jan 29, 1993 1.53% 1.25%

MSCI Emerging Markets Index Net 19.70% 18.31% 18.31% 6.17% 12.81% 3.63% ---

Emerging Markets Linked Benchmark1 19.70% 18.31% 18.31% 6.17% 12.44% 3.96% ---



†,(a),4


1. Emerging Markets Linked Benchmark represents the returns of the MSCI Emerging Markets Index Net through December 31, 2010, the returns of the Russell Emerging Markets

Index Net from January 1, 2011 to December 31, 2017, and the returns of the MSCI Emerging Markets Index Net thereafter.

2. Commentary and impact reflects key contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%), –

(detracted). Returns are for Class S shares at NAV. †,(a),4 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.

15RIC Emerging Markets FundPerformance Summary: Fourth Quarter 2020


1. See Disclosures page (****) for discussion of positioning strategies.

2. Emerging Markets Linked Benchmark represents the returns of the MSCI Emerging Markets Index Net through December 31, 2010, the returns of the Russell Emerging Markets

Index Net from January 1, 2011 to December 31, 2017, and the returns of the MSCI Emerging Markets Index Net thereafter.

3. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: Emerging Markets Linked

Benchmark

FUND UPDATES


AUM Target % of


$1,500.91 84.40% 89.32% Qtr YTD 1 YR 3 YR 5 YR Date

Value Style $222.14 15.50% 14.80%

AllianceBernstein L.P. $222.14 15.50% 14.80% + - - - - Apr-99

Market Oriented Style $642.58 37.80% 42.81%

Consilium Investment Management, LLC $94.56 4.80% 6.30% - - - - - Mar-15

Numeric Investors LLC $264.17 16.50% 17.60% - + + - + Oct-13

Oaktree Capital Management, L.P. $283.85 16.50% 18.91% + - - + + Mar-14

Growth Style $402.19 16.50% 16.11%

Axiom International Investors LLC1 $160.36 12.60% 10.68% --- --- --- --- --- Oct-20

Neuberger Berman Investment Advisors, LLC1 $241.83 16.50% 16.11% - - - --- --- Jun-19

RIM $234.00 14.60% 15.59%

Russell Investment Management, LLC1 $234.00 14.60% 15.59% - - - - - Mar-15

Fund Benchmark

Emerging Markets Linked Benchmark2 19.70% 18.31% 18.31% 6.17% 12.44%

STYLE-LEVEL PERFORMANCE TABLEPeriods Ending December 31, 2020

16RIC Emerging Markets Fund

Appendix: Fourth Quarter 2020

FACTOR POSITIONING1,2 SECTOR POSITIONING2

-1.0%

2.2%

0.4%

-3.7%

2.1%

-10.0% 0.0% 10.0%

Asia

Europe

Africa

Middle East

Americas

1. See Russell Investments’ Strategic Factor Beliefs in Disclosure.

2. Positioning relative to the Fund’s index as of December 31, 2020.

-2.3%

-3.1%

0.0%

-0.4%

5.5%

-1.1%

0.5%

0.1%

0.7%

0.0%

0.2%

-10.0% 0.0% 10.0%

Communication Services

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Real Estate

Utilities

Strategic Position

Current Position



› Value: The Fund maintains positive exposure to value, in-line with Russell

Investments strategic preferences.

› Country allocation: The Fund is overweight to South Korea and Russia and

maintains out-of-benchmark exposure to frontier countries, including Vietnam,

Morocco and Bangladesh. The fund also maintains underweights to China, Saudi

Arabia, Malaysia and South Africa.

› Sector allocation – The Fund is overweight to the financials and materials sectors

and continue to be underweight the consumer discretionary and communication

services sector.

Outlook:

› Digitalization and consumer upgrade story in Asia remains intact, attractive structural

growth opportunities outside the most crowded trades. Domestic consumption

recovery supported by direct stimulus measures.

› Extreme valuation dispersion within the opportunity set continues to provide a strong

backdrop for valuation sensitive strategies. Increasing regulatory scrutiny globally on

tech companies which are already priced to perfection presents downside risks to

growth part of the market.

› A continued weakening of the USD into a global recovery from the Covid-19 lows

should be supportive tailwinds for EM currencies and markets.

› But uncertainties remain high including second wave (covid-19), vaccine roll out and

trade tensions.

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

VOLATILITY

LOW HIGH

REGION POSITIONING2

.

.

MSCI Emerging Markets Index Fund Fund

Portfolio Characteristics Dec-31 Dec-31 Sep-30

P/E 15.6 12.4 14.9

LT Growth Med 18.8 17.2 18.0

PEG 0.8 0.7 0.8

5yr EPS Growth 13.4 17.2 18.5

Price/Book 2.1 2.4 2.2

Dividend Yield 1.9 1.6 1.9

Beta 0.9 1.0 1.0

Active Risk 2.4 2.2

Active Share 52.7 53.3

Wt Med Mkt Cap (bil) $40.52 $25.05 $19.28

Weighted Avg Mkt Cap (bil) $157.58 $102.47 $86.23

PORTFOLIO CHARACTERISTICS

December 31, 2020

RIC Equity Income Fund 4Q2020 Performance Summary

.

.

18RIC Equity Income FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC Equity

Income Fund, although RIM believes that emphasizing certain factors over the

course of a market cycle can offer higher benchmark-relative returns. For the

equity funds, this means RIM is more likely to include securities with lower

valuation, higher quality, positive earnings momentum, lower market

capitalization, and less volatility.


› Stock selection is the primary source of value added relative to the

benchmark.

› Factor Allocation: The Fund had higher value, quality, and momentum

characteristics than the benchmark.

› Sector Allocation: The Fund had overweights to the information technology

and health care sectors. It was underweight to the industrials and real

estate sectors.



Quality +A tilt toward companies with higher profitability

was rewarded.

Sector

Allocation+

The Fund's overweights to the information

technology and health care sectors were

beneficial.

Stock

Selection+

Selection within the information technology and

consumer discretionary sectors was the primary

driver of outperformance.



Quality -

The impact of the Fund's tilts toward stocks with

above benchmark profitability was negative over

the quarter.

Sector

AllocationFlat

An underweight to the consumer staples sector

was rewarded while an underweight to the

financials sector detracted.

Stock

Selection+

Selection within the health care and financials

sectors was additive over the quarter.

.

.


Since Inception


Equity Income Fund 16.28% 8.86% 8.86% 8.95% 11.76% 11.20% 10.68% Oct 15, 1981 0.90% 0.81%

Equity Income Fund Linked Benchmark1 16.25% 2.80% 2.80% 8.21% 11.56% 12.00% 11.49%


DRIVERS OF PERFORMANCE†,(a),1

1. The Equity Income Linked Benchmark represents the returns of the Russell 1000® Index through September 30, 2019 and the returns of the Russell 1000 Value Index from

October 1, 2019 thereafter.




19RIC Equity Income FundPerformance Summary: Fourth Quarter 2020


1. The Equity Income Linked Benchmark represents the returns of the Russell 1000® Index through September 30, 2019 and the returns of the Russell 1000 Value Index from

October 1, 2019 thereafter.



Return

FUND UPDATES

There were no material changes to the Fund during the period.

AUM Target % of



Value Style $124.10 60.00% 53.94%

Barrow, Hanley, Mewhinney & Strauss, LLC $56.93 30.00% 24.75% + - - - - Jun-13

Brandywine Global Investment Management LLC $67.17 30.00% 29.20% + + + - + Sep-15

RIM $105.96 37.00% 46.06%

Russell Investment Management, LLC2 $105.96 37.00% 46.06% - + + + + Jul-12

Fund Benchmark

Equity Income Fund Linked Benchmark1 16.25% 2.80% 2.80% 8.21% 11.56%


Russell 1000® Value

IndexFund Fund


P/E 17.6 18.0 18.0

LT Growth Med 6.9 7.8 7.0

PEG 2.6 2.3 2.6

5yr EPS Growth 4.7 7.5 8.2



Beta 1.0 1.0 1.0

Active Risk 2.8 3.2


Weighted Median Market Cap (bil) $69.47 $89.40 $82.06

Weighted Average Market Cap (bil) $133.76 $312.49 $291.11


December 31, 2020 20RIC Equity Income Fund Appendix: Fourth Quarter 2020



-2.3%

0.3%

-1.2%

-0.9%

0.1%

1.8%

-5.6%

9.0%

1.4%

-1.5%

-1.3%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH



Key features regarding the Fund’s outlook and positioning included:

• The Fund continues to be dynamically managed in alignment with Russell Investments’

cycle, valuation, sentiment framework as well as to take advantage of tactical

opportunities within each manager’s excess return cycle.

• Overall, RIM has a slight pro-cyclical tilt with overweights to value, quality, and

momentum.

• Multiple COVID-19 vaccines were found to be highly effective and approved for

emergency use in the United States and Europe in December. Markets overlooked virus

outbreaks that intensified through the holiday period as vaccine rollouts should ensure a

strong economic and earnings rebound through the middle of 2021.

• The U.S. Congress passed another massive $908bn stimulus package to help bridge

households and businesses to the point where vaccines allow us to sustain a stronger

and more normalized economy again.

• In alignment with Russell Investments’ strategic equity beliefs, stock selection of the

underlying active managers, based on their long-term assessment of each individual

company, continues to be the primary driver of the Fund’s expected risk and return.

.

.


RIC Global Equity Fund4Q2020 Performance Summary

.

.

22RIC Global Equity Fund Performance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC Global

Equity Fund, although RIM believes that emphasizing certain factors over the

course of a market cycle can offer higher benchmark-relative returns. For the

equity funds, this means RIM is more likely to include securities with lower




› Factor positioning: The Fund was overweight Value, Quality, and Volatility

while remaining underweight Momentum, Growth and Size.

› Sector positioning: The Fund was overweight the Financials while

underweight Consumer Staples, Industrials, Information Technology, and

Utilities.

› Regional positioning: The Fund was overweight Emerging Markets, Europe

ex UK, UK, and Japan while underweight U.S.



Factor

Allocation-

Factor allocation was negative, led by an overweight to

value. A tilt away from quality helped moderate losses.

Sector

Allocation-

Sector impact was negative, held back by overweights to

Financials and Energy. An underweight to real estate

helped offset some of the loss.

Regional

Positioning+

Region impact was positive, driven by exposure to

emerging markets.

Security

Selection

-

Stock selection impact was negative. Ineffective selection

in financials and consumer discretionary were the main

detractors. From a regional perspective, selection was

poor in Japan.



Factor

Allocation+

Factor impact was positive, an overweight to value was

the main contributor.

Sector

Allocation+

Sector allocation was positive, an overweight to financials

was the largest contributor.

Regional

Positioning+

Regional positioning was positive driven by exposure to

the emerging markets, which was positive over the period.

Security

Selection+

Selection impact was positive, particularly in information

technology. From a regional perspective, selection in

EMEA ex UK was a positive contributor.

.

.


Since Inception


Global Equity Fund 16.48% 13.39% 13.39% 9.16% 11.48% 9.21% 6.15% Feb 28, 2007 1.24% 1.07%

MSCI World Net Dividend Index 13.96% 15.90% 15.90% 10.54% 12.19% 9.87% 6.50%

Global Equity Linked Benchmark1 13.96% 15.90% 15.90% 10.54% 12.25% 10.00% 6.59%


DRIVERS OF PERFORMANCE†,(b)

1. Global Equity Linked Benchmark represents the returns of the MSCI World Net Dividend Index through December 31, 2010, the returns of the Russell Developed Large Cap Index

Net from January 1, 2011 to December 31, 2017 and the returns of the MSCI World Index Net thereafter.


(detracted). Returns are for Class S shares at NAV. † (b) See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


23RIC Global Equity FundPerformance Summary: Fourth Quarter 2020



2. Global Equity linked benchmark represents the returns of the MSCI World Net Dividend Index through December 31, 2010, the returns of the Russell Developed Large Cap Index Net from January 1, 2011

to December 31, 2017 and the returns of the MSCI World Index Net thereafter.

3. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s secondary benchmark: Global Equity Linked Benchmark

FUND UPDATES


AUM Target % of



Value Style $142.46 20.00% 23.40%

Sanders Capital, LLC $142.46 20.00% 23.40% + + + + + Dec-10

Growth Style $124.86 20.00% 20.51%

Intermede Investment Partners Limited and Intermede Global

Partners Inc.$124.86 20.00% 20.51% + --- --- --- --- Jan-20

Blend $233.56 38.00% 38.36%

Wellington Management Company LLP $233.56 38.00% 38.36% + - - + + Jun-13

RIM $107.95 19.00% 17.73%

Russell Investment Management, LLC1 $107.95 19.00% 17.73% + - - - - Sep-12

Fund Benchmark

Global Equity Linked Benchmark2 13.96% 15.90% 15.90% 10.54% 12.25%


MSCI World Index Fund Fund


P/E 21.6 19.2 18.3


PEG 2.0 2.1 2.2

5yr EPS Growth 10.2 10.2 11.2



Beta 0.9 1.0 1.0

Active Risk 3.4 2.8


Wt Med Mkt Cap (bil) $87.78 $65.92 $57.75



December 31, 2020

RIC Global Equity Fund 24Appendix: Fourth Quarter 2020




0.9%

-0.1%

-2.4%

0.9%

7.3%

0.3%

-1.8%

-2.1%

-0.5%

-1.2%

-1.3%

-10.0% 0.0% 10.0%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position



› Factor positioning: The Fund is overweight Value, Quality, and Volatility while underweight

Momentum, Growth and Size.

› Sector positioning: The Fund is overweight Financials while underweight Consumer Staples,

Industrials, Information Technology, Real Estate, and Utilities

› Regional positioning: The Fund is overweight Emerging Markets, and Europe ex UK while

underweighting U.S.

Outlook:

The MSCI World Index rose 13.96% in Q4 with favorable conditions for further gains in 2021.

Positive sentiment was driven by the arrival of Covid-19 vaccines. This light at the end of the

tunnel came as Covid-19 cases and deaths reached record highs. Joe Biden’s victory in the US

presidential race, that subsequently came with a “blue-wave” after a January Senatorial run-off

in Georgia, along with a Brexit deal helped ease political uncertainties. President Trump’s efforts

to contest election results, and his second impeachment, lent another source of volatility as we

entered the new year.

The US imposed additional sanctions on Chinese government-controlled companies to end Q4,

with retribution threatened by China. The Biden administration is expected to de-escalate global

trade tensions, which may make trade conflict less of a factor in 2021. Biden’s recent $1.9T

coronavirus relief proposal provides funding to a variety of sources, including paychecks to most

Americans and $20B towards a national vaccine program. The re-opening trade favored

cyclically sensitive stocks in Q4, and we expect this to continue into 2021.

Global markets saw rotation into small cap and value, after a protracted run for large cap

growth names--despite historically high valuations. Valuations tightened in Q4, but remain at

historical highs, leading us to expect this trend will continue in 2021. Financials and energy

outperformed the market over the quarter, and the MSCI Emerging Markets Index rose 19.7%,

marking one of its strongest rallies ever.

REGION POSITIONING2

-5.1%

0.0%

1.5%

-0.4%

3.6%

0.9%

0.1%

-0.5%

-10.0% 0.0% 10.0%

United States

Canada

Emea Ex UK

United Kingdom

Emerging Markets

Japan

Asia ex Japan

Aus/NZ

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

.

.


RIC Global Infrastructure Fund 4Q2020 Performance Summary

.

.

STRATEGIC BELIEFS


Infrastructure Fund, although RIM believes that emphasizing certain factors

over the course of a market cycle can offer higher benchmark-relative returns.

For the equity funds, this means RIM is more likely to include securities with

lower valuation, higher quality, positive earnings momentum, lower market


Since Inception


Global Infrastructure Fund 12.54% -3.45% -3.45% 3.53% 7.54% 6.96% 7.29% Sep 30, 2010 1.71% 1.07%

S&P Global Infrastructure Index Net 14.84% -6.49% -6.49% 1.76% 6.94% 5.56% 5.90%


26RIC Global Infrastructure FundPerformance Summary: Fourth Quarter 2020


› Sector allocation: The Fund was positioned with underweights to airports,

multi-utilities and pipelines, and overweights to communications, railroads

and gas utilities.

› Country allocation: The Fund had an overweight to North America and an

underweight to Emerging Markets and Asia/Pac ex. Japan.



Positioning +

The underweight to and stock selection

within the pipelines and multi-utilities sectors

benefitted performance over the year.

Extended sectors +

Out-of-benchmark exposure to

communications and renewable electricity

companies were key contributors, as both

sectors posted positive double-digit returns

within the U.S.

Positioning in

utilities-

The underweight to the strong performing

electric utilities and overweight to the

underperforming gas utilities sector

detracted from performance.



Positioning in

communications-

Exposure to out-of-benchmark

communications sectors detracted from

performance.

Positioning within

airport services-

A material underweight to airport

companies negatively impacted

performance for the quarter.

Positioning in

multi-utilities+

The underweight to the weak performing

multi-utilities sector was a bright spot in

the portfolio.

.

.

FUND-LEVEL PERFORMANCE SUMMARY (BENCHMARK)

Periods Ending December 31, 2020

DRIVERS OF PERFORMANCE†,(a),(b)


(detracted). Returns are for Class S shares at NAV. †,(a),(b) See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


27RIC Global Infrastructure FundPerformance Summary: Fourth Quarter 2020



Return


FUND UPDATES


AUM Target % of



Global Market Oriented $124.11 87.30% 88.89%

Cohen & Steers Capital Management, Inc. $20.77 14.50% 14.87% - + + + + Oct-10

First Sentier Investors (Australia) IM Limited $52.89 36.90% 37.88% flat + + + + Jan-13

Nuveen Asset Management, LLC $50.45 35.90% 36.14% - + + + + Oct-10

RIM $15.51 9.70% 11.11%

Russell Investment Management, LLC1 $15.51 9.70% 11.11% + flat flat + + May-13

Fund Benchmark

S&P Global Infrastructure Index Net 14.84% -6.49% -6.49% 1.76% 6.94%


28RIC Global Infrastructure Fund Appendix: Fourth Quarter 2020

FACTOR POSITIONING1,2SECTOR POSITIONING2


Key aspects of Fund positioning going forward include the

following:

› Sector allocation: The Fund has material underweights to the

airports, pipelines and multi-utilities sectors. The Fund

maintained a significant allocation to the out-of-benchmark

communications sector as well as overweights to gas utilities

and railroads. During the quarter, the fund decreased its

positions to electric utilities, communications and multi-

utilities while airports and railroads increased.

› Country allocation: The Fund is overweight North America,

Japan and EMEA and underweight Emerging Markets and

Asia ex Japan. During the quarter, exposure to North

America decreased while positions in EMEA ex U.K.

increased.

› Size: The Fund remains underweight the size factor, as we

have a strategic preference for being overweight smaller

companies within the benchmark.



REGION POSITIONING2

-5.9%

-2.0%

2.5%

-3.2%

-2.0%

-2.1%

-4.1%

3.9%

4.6%

0.9%

7.5%

-15.0% 0.0% 15.0%

Airport Services

Electric Utilities

Gas Utilities

Highways & Railtracks

Marine Ports & Services

Multi-Utilities

Oil & Gas Storage &Transportation

Railroads

Specialized Reits

Water Utilities

Other

-1.7%

1.1%

-3.4%

1.2%

2.8%

0.2%

Asia/Pacific Ex-Japan

Emea Ex-UK

Emerging Markets

Japan

North America

United Kingdom

Strategic Position

Current Position

.

.

SIZE

SMALL LARGE


RIC Opportunistic Credit

Fund

4Q2020 Performance Summary

.

.

30RIC Opportunistic Credit FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Opportunistic Credit Fund, although we believe that emphasizing certain


returns. For the fixed income funds, this means RIM is more likely to include

securities with more credit risk, longer duration, and higher real yield. In

addition, RIM also invests in currency to provide additional return potential

and added diversification.


› Duration – The Fund was moderately long duration coming into the quarter.

› Credit – The Fund held overweights to investment grade corporates and

emerging market debt (EMD).

› Currency – The Fund had long positions in GBP and CAD and short

positions in JPY and CHF.



Securitized

Credit-

Securitized credit, particularly commercial

mortgage-backed securities, suffered during the

first quarter and failed to rally as strongly as the

corporate bond market.

Currency -

The Fund held an overweight to emerging

market bonds which suffered from overwhelming

selloff in Q120 and, bond prices were still at low

due to the halt in economic activities as a result

of coronavirus.



Fallen

Angels+

Fallen angel corporate bonds continued their strong

rally in the spread tightening environment this

quarter.

EMD +

Lower-rated and quasisovereign emerging market

issuers performed strongly this quarter which was

additive to performance.

.

.


Since Inception


Opportunistic Credit Fund 5.80% 3.64% 3.64% 3.62% 6.37% 4.95% 4.87% Sep 30, 2010 1.38% 0.94%

Opportunistic Blended benchmark* 4.58% 5.21% 5.21% 4.64% 7.27% 6.43% 6.34%



1. Commentary and impact key reflects contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%), – (detracted). Returns

are for Class S shares at NAV.

* The Fund is managed to secondary benchmark: 62.5% ICE BofA Developed Markets HY Constrained Index (USD Hedged), 12.5% JPMorgan Emerging Market Bond Index Global Diversified Index

(USD Hedged) and 25% Bloomberg Barclays U.S. Corporate Investment Grade Index. †,(a),5,6 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


†,(a),5,6

31RIC Opportunistic Credit FundPerformance Summary: Fourth Quarter 2020



2. The Fund is managed to secondary benchmark: 62.5% ICE BofA Developed Markets HY Constrained Index (USD Hedged), 12.5% JPMorgan Emerging Market Bond Index

Global Diversified Index (USD Hedged) and 25% Bloomberg Barclays U.S. Corporate Investment Grade Index.

3. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: 50% ICE BofA Developed

Markets HY Constrained Index (USD Hedged), 20% Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index, 20% JPMorgan Emerging Market Bond Index Global Diversified

Index (USD Hedged) and 10% Bloomberg Barclays U.S. Corporate Investment Grade Index.

FUND UPDATES


AUM Target % of



Specialist $337.44 56.00% 66.46%

Barings LLC $132.28 23.00% 26.05% + + + + --- Jun-17

DuPont Capital Management $92.15 14.00% 18.15% + - - - - Mar-15

Voya Investment Management Co. LLC $113.00 19.00% 22.25% - - - --- --- Sep-18

RIM1 $170.32 39.00% 33.54%

Physicals

US Fallen Angels $45.14 8.00% 8.89% + + + + --- Oct-16

EU Fallen Angels --- 6.00% --- --- --- --- --- --- Oct-20

Quasi Sovereign Bonds $35.52 7.00% 7.00% + + + + --- Jun-17

Intelligent Credit (HY) $32.18 8.00% 6.34% + - - flat --- Oct-17

Intelligent Credit (IG) $57.48 10.00% 11.32% - + + --- --- Sep-18

Fund Benchmark

Opportunistic Credit Blended Benchmark2 4.58% 5.21% 5.21% 4.64% 7.27%

Bloomberg Barclays U.S. Universal 1.29% 7.58% 7.58% 5.45% 4.87%


Annualized Return

32RIC Opportunistic Credit Fund Appendix: Fourth Quarter 2020


Strategic Position

Current Position



› Duration – The Fund maintained long duration.

› Credit – The Fund maintains most of its long risk position in securitized credit

and to a lesser extent in emerging market debt.

› Currency – The Fund is long in GBP and EUR and short in SEK and CHF.



3. Holdings within ‘Other’ largely includes covered bonds, cash, FX, and derivatives.

4. Total active risk includes idiosyncratic risk. Credit, rates and currency will not necessarily sum to the total.

SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

RATES FACTORS

LOW HIGH

SHORT LONG

-19.9%

0.2%

-0.4%

-11.0%

0.2%

5.8%

6.9%

1.7%

16.5%

-30.0% -10.0% 10.0% 30.0%

Government

Government Related

Corporate IG

Corporate HY

Agency Mbs

Cmbs

Abs

Emerging Markets

Other

QUALITY POSITIONING2

-8.2%

1.2%

0.0%

3.0%

-2.8%

-1.3%

3.2%

4.9%

-20.0% 0.0% 20.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated

.

.

3

Opportunistic Blended

Benchmark Fund Fund

Dec-31 Dec-31 Sep-30

Effective Duration (yrs) 4.3 5.1 5.3

Yield to Worst 3.1 4.6 5.7

DTS 12.0 16.1 21.5

Active Risk4 1.6 1.9

Rates 0.1 -0.1

Currency 0.4 0.4

Credit 2.1 2.6


December 31, 2020


RIC Global Real Estate Securities Fund 4Q2020 Performance Summary

.

.

Since Inception


Global Real Estate Securities Fund 11.93% -5.53% -5.53% 2.60% 4.37% 5.63% 9.05% Jul 28, 1989 1.14% 1.10%

FTSE EPRA/NAREIT Developed Real Estate Index

Net13.26% -9.04% -9.04% 1.52% 3.74% 5.44% ---


34RIC Global Real Estate Securities Fund Performance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Real Estate Securities Fund, although RIM believes that emphasizing certain


returns. RIM is more likely to include securities with lower valuation, higher

quality and larger market capitalization.


Property sector selection: The Fund was overweight storage, mall and health

care sectors and underweight office, shopping centers and net lease.

Country selection: The Fund was positioned with a tilt towards Emerging

Markets and the U.K. and away from Continental Europe and North America.



Positioning

within Europe+

Positioning in the Netherlands, out-of-benchmark

data center allocation and underweight retail,

together with the overweight to German residential

and UK stock selection helped performance.

Positioning in

Australia+

Exposure to out-of-benchmark companies and

underweights to weak performing companies

drove a majority of excess returns.

Positioning in

the US-

The underweights to shopping centers and net

lease as well as an overweight to data centers and

industrial companies were meaningful detractors

from performance over the year.



Positioning within

the US-

Security selection in the residential, lodging

and retail contributed negatively to

performance. An overweight to data centers

also detracted from performance.

Positioning in

Canada-

Weak selection in Canadian industrial

companies and underweights to diversified

and retail weighed on portfolio performance.

Positioning in

Japan+

Stock selection amongst JREIT companies

and an underweight to industrial benefited

performance.

.

.



DRIVERS OF PERFORMANCE†,(a)


(detracted). Returns are for Class S shares at NAV. †,(a) See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


35RIC Global Real Estate Securities FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of



Real Estate $474.93 87.30% 88.74%

Cohen & Steers Capital Management, Inc. $212.86 38.80% 39.77% - + + + + May-07

RREEF America L.L.C. $262.07 48.50% 48.97% - + + + --- Oct-16

RIM $60.25 9.70% 11.26%

Russell Investment Management, LLC1 $60.25 9.70% 11.26% - + + + + Jun-13

Fund Benchmark

FTSE EPRA/NAREIT Developed Real Estate Index Net 13.26% -9.04% -9.04% 1.52% 3.74%


36RIC Global Real Estate Securities FundAppendix: Fourth Quarter 2020



Strategic Position

Current Position



› Property sector selection: The Fund is tilted towards malls, storage,

cell towers, gaming and health care while maintaining underweights

to office, industrial and shopping centers. The portfolio favors

property types with stronger underlying fundamentals and growth

potential, rather than seeking to maximize yield. During the quarter,

the Fund’s exposure to industrial, data centers and shopping centers

decreased while lodging, residential and mall exposure increased.

› Country selection: The Fund is positioned with tilts towards the U.K.,

Australia and Asia and away from Continental Europe and North

America. This positioning is consistent with growth expectations and

pricing relative to net asset value within these regions. During the

quarter, the portfolio’s allocation to Europe and Australia was

increased while reducing exposure to North America and Asia.

› Quality: The Fund has an overweight to quality, as companies with

stronger balance sheets and management teams tend to be

rewarded over the longer term.

› Size: The Fund has an overweight to size, as larger companies in the

sector generally offer better liquidity, access to debt and equity

capital, and ability to make accretive acquisitions.REGION POSITIONING2

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

VOLATILITY

LOW HIGH

-0.3%

0.6%

0.8%

-0.4%

1.3%

-4.7%

0.1%

1.6%

1.2%

-10.0% -5.0% 0.0% 5.0% 10.0%

Data Centers

Diversified

Health Care

Industrial

Lodging/Resorts

Office

Residential

Retail

Self Storage

0.3%

0.4%

-0.3%

0.2%

0.1%

-1.1%

0.4%


Australia

Emea Ex-UK

Emerging Markets

Japan

North America

United Kingdom


.

.


RIC International Developed Markets Fund 4Q2020 Performance Summary

.

.

38RIC International Developed Markets FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC

International Developed Markets Fund, although RIM believes that

emphasizing certain factors over the course of a market cycle can offer higher

benchmark-relative returns. For RIM’s equity funds, this means RIM is more

likely to include securities with lower valuation, higher quality, positive

earnings momentum, lower market capitalization, and less volatility.



Factor

Allocation-

Factor allocation was negative driven by an overweight

to Value and an underweight to momentum. An

overweight to volatility was additive.

Sector

Allocation+

Sector allocation was positive, driven by an overweight

to materials and an underweight to materials.

Overweights to financials and energy held back gains.

Regional

Allocation+

Regional positioning was additive. An underweight to

Asia Pacific ex Japan was a contributor.

Security

Selection-

Stock selection was negative. Poor selection in

financials was the main detractor. From a regional

perspective, selection in Japan detracted.



Factor

Allocation+

Factor allocation was positive, driven by an

overweight to value and a preference for smaller

names

Sector

Allocation+

Sector allocation was positive, driven by an

underweight to health care and an overweight to

financials.

Regional

Positioning+

Regional positioning was positive, exposure to

emerging markets was additive.

Security

Selection

+Stock selection was successful, particularly in

technology and industrials. From a regional

perspective, selection in EMEA ex UK was additive.

.

.


› Factor allocation: The Fund was overweight Value, Volatility, and Quality

while underweight Growth, Size, and Momentum.

› Sector positioning: The Fund was overweight Consumer Discretionary,

Energy, Financials, and Materials and underweight Consumer Staples,

Health Care, Real Estate, and Utilities.

› Regional positioning: The Fund was overweight EM and Europe ex UK while

underweight Australia/New Zealand and North America.


Since Inception


International Developed Markets Fund 19.34% 5.76% 5.76% 2.40% 6.57% 4.79% 8.58% Jan 31, 1983 1.01% 0.93%

MSCI World ex USA Index Net 15.85% 7.59% 7.59% 4.22% 7.64% 5.19% 8.69%

International Developed Markets Linked Benchmark1 15.85% 7.59% 7.59% 4.22% 7.68% 5.36% 8.88%


DRIVERS OF PERFORMANCE†,(a),(b),1

1. International Developed Markets linked benchmark represents the returns of the MSCI EAFE Index Net through December 31, 2010, the returns of the Russell Developed ex-US

Large Cap Index Net from January 1, 2011 to December 31, 2017 and the returns of the MSCI World ex USA Index Net thereafter.


(detracted). Returns are for Class S shares at NAV. †,(a),(b),1 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


39RIC International Developed Markets FundPerformance Summary: Fourth Quarter 2020



2. The International Developed Markets linked benchmark represents the returns of the MSCI EAFE Index Net through December 31, 2010, the returns of the Russell Developed ex

US Large Cap Index Net from January 1, 2011 to December 31, 2017 and the returns of the MSCI World ex USA Index Net thereafter.

3. Performance Key: + Positive impact; Flat Fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: International Developed Markets

Linked Benchmark.

FUND UPDATES


AUM Target % of



Value Style $388.85 16.50% 20.62%

Pzena Investment Management, LLC $388.85 16.50% 20.62% + - - - - Sep-09

Growth Style $357.86 19.50% 18.98%


Partners Inc.$357.86 19.50% 18.98% + --- --- --- --- Jan-20

Blend $635.55 32.00% 33.70%

Wellington Management Company LLP $635.55 32.00% 33.70% + + + + + Sep-14

RIM $503.57 29.00% 26.70%

Russell Investment Management, LLC1 $503.57 29.00% 26.70% + - - - - Aug-13

Fund Benchmark

International Developed Markets Linked Benchmark2 15.85% 7.59% 7.59% 4.22% 7.68%


MSCI WORLD ex USA Index Fund Fund


P/E 18.1 16.8 14.7


PEG 2.7 3.9 3.2




Beta 0.8 1.0 1.1

Active Risk 2.8 3.1


Wt Med Mkt Cap (bil) $41.63 $34.80 $28.13



December 31, 202040

RIC International Developed Markets Fund Appendix: Fourth Quarter 2020




0.3%

1.9%

-1.8%

1.5%

4.1%

-4.9%

0.8%

0.3%

1.7%

-1.6%

-2.4%

-10.0% 0.0% 10.0%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position



› Factor allocation: The Fund is overweight Value, Volatility, and Quality and underweight

Growth, Momentum, and Size.

› Sector allocation: The Fund is overweight Consumer Discretionary, Energy, Financials, and

Materials while underweight Consumer Staples, Health Care, Real Estate, and Utilities.

› Regional Positioning: The Fund is overweight Canada and Emerging Markets while

underweight Japan, US, and UK.

Outlook:


Positive sentiment was driven by the arrival of Covid-19 vaccines. This light at the end of the

tunnel came as Covid-19 cases and deaths reached record highs. Joe Biden’s victory in the US

presidential race, that subsequently came with a “blue-wave” after a January Senatorial run-off in

Georgia, along with a Brexit deal helped ease political uncertainties. President Trump’s efforts to

contest election results, and his second impeachment, lent another source of volatility as we

entered the new year.

The US imposed additional sanctions on Chinese government-controlled companies to end Q4,

with retribution threatened by China. The Biden administration is expected to de-escalate global

trade tensions, which may make trade conflict less of a factor in 2021. Biden’s recent $1.9T

coronavirus relief proposal provides funding to a variety of sources, including paychecks to most

Americans and $20B towards a national vaccine program. The re-opening trade favored

cyclically sensitive stocks in Q4, and we expect this to continue into 2021.

Global markets saw rotation into small cap and value, after a protracted run for large cap

growth names--despite historically high valuations. Valuations tightened in Q4, but remain at

historical highs, leading us to expect this trend will continue in 2021. Financials and energy

outperformed the market over the quarter, and the MSCI Emerging Markets Index rose 19.7%,

marking one of its strongest rallies ever.

REGION POSITIONING2

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

-1.8%

1.2%

0.9%

-1.1%

3.0%

-1.3%

-0.1%

-1.0%

-10.0% 0.0% 10.0%

United_States

Canada

Emea Ex- United Kingdom

United Kingdom

Emerging Markets

Japan

Asia ex Japan

Aus/NZ

.

.


RIC Investment Grade Bond Fund

4Q2020 Performance Summary

.

.

42RIC Investment Grade Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Investment Grade Bond Fund, although RIM believes that emphasizing

certain factors over the course of a market cycle can offer higher benchmark-

relative returns. For the fixed income funds, this means RIM is more likely to

include securities with more credit risk, longer duration, and higher real yield.

In addition, RIM also invests in currency to provide additional return potential

and added diversification.


› Duration – The Fund held a moderately long duration position throughout

the quarter.

› Credit – The Fund held an overweight to securitized credit and

underweights to treasuries and government related securities. Within the

securitized sector the Fund prefers non-agency MBS, CMBS and ABS.

› Rates – The Fund was long positions in U.S. 10-year futures and short

positions in German 10-year futures.

› Currency – The Fund was long positions in GBP and CAD and short

positions in JPY and CHF.



Duration +

Accommodative dovish monetary policy throughout

the year made a positive contribution to Fund

performance.

Credit +Investment grade and high yield markets experienced

V-shape recovery for one-year time period.



Credit +Credit continued to outperform with high

expectations for a new U.S. stimulus package.

Quality +

Lower rated credit continued to outperform

leading to solid performance contribution from an

overweight in those areas.

.

.


Since Inception


Investment Grade Bond Fund 1.31% 8.95% 8.95% 5.59% 4.54% 3.86% 7.58% Oct 15, 1981 0.56% 0.48%

Bloomberg Barclays U.S. Aggregate Bond Index 0.67% 7.51% 7.51% 5.34% 4.44% 3.84% 7.89%


DRIVERS OF PERFORMANCE†,(a),(b),3,5,6


(detracted). Returns are for Class S shares at NAV. †,(a),(b),3,5,6 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


43RIC Investment Grade Bond FundPerformance Summary: Fourth Quarter 2020



2. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: Bloomberg Barclays U.S.

Aggregate Index.

FUND UPDATES


AUM Target % of



Specialist $497.81 57.00% 66.02%

MetLife Investment Management, LLC $181.75 20.90% 24.10% + + + + + Jan-12

Schroder Investment Management North America Inc. $316.06 36.10% 41.91% flat - - - --- Oct-16

RIM1 $256.25 38.00% 33.98%

Physicals

Intelligent Credit (IG) $122.21 14.25% 16.21% + + + + --- Sep-17

US Treasuries $134.04 23.75% 17.78% - + + flat --- Oct-16

Fund Benchmark

Bloomberg Barclays U.S. Aggregate Bond Index 0.67% 7.51% 7.51% 5.34% 4.44%


Annualized Return

44RIC Investment Grade Bond Fund Appendix: Fourth Quarter 2020





Strategic Position

Current Position


At the end of the quarter, key aspects of Fund positioning included:

› Duration – The Fund continues to hold a moderately long duration position

› Credit – The Fund holds an overweight to securitized securities and



› Rates – The Fund was long positions in U.S. and Australian rates and short

positions in German and U.K. rates.

› Currency – The Fund was long in GBP and EUR and short in SEK and CHF.


SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

RATES FACTORS

LOW HIGH

SHORT LONG

-18.6%

-4.1%

4.2%

2.1%

-9.1%

2.0%

8.6%

0.8%

-20.0% 0.0% 20.0%

Government

Government Related

Corporate IG

Corporate HY

Agency Mbs

Cmbs

Abs

Emerging Markets

-17.2%

-2.1%

-1.8%

11.5%

2.9%

0.2%

0.0%

6.6%

-20.0% 0.0% 20.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated

Bloomberg Barclays

U.S. Aggregate Bond

Index Fund Fund




DTS 3.7 5.6 7.2


Rates 0.1 0.1

Currency 0.2 0.2

Credit 1.0 1.3


December 31, 2020


RIC Multi-Asset Growth Strategy Fund 4Q2020 Performance Summary

.

.

46RIC Multi-Asset Growth Strategy Fund Performance Summary: Fourth Quarter 2020

.

.

STRATEGIC BELIEFS

Design – Translate objectives into a strategic asset allocation.

Construct – Access exposures through a combination of third-party managers

and positioning strategies.

Manage – Dynamically adjust to changing circumstances, markets, and third-

party managers.


› Risk Control: RIM entered the quarter with a slight risk-on position, with an overweight to

equity risk and underlying preferences for value and small cap equities being the primary

drivers of return.

› Regional positioning: RIM was underweight U.S., overweight EMEA ex-UK relative to the

strategic positioning. The largest region overweight was non-U.S. countries.

› Credit: RIM entered the quarter neutral credit-sensitive sectors, as credit spreads

tightened back to pre-COVID levels.

› Currency: RIM remained modestly underweight USD, overweight EUR, JPY.



Design -

Rates Value and overweight loans at the expense of high

yield were additive, however more than offset by strategic

preferences for CMBX.

Construct-

Key trends in growth outperformance vs. value continued

which drove the negative excess returns in Perkins,

Atlantic, and Levin, the three strategies in the global value

camp. Furthermore, defensive managers were costly as

well, failing to provide key downside protection in the face

of volatility experienced in the first quarter of the year.

Manage-

Regional equity tilts including a preference for European and

U.K. equities over domestic peers, and tactical sector bets

detracted over one year. Meanwhile, duration positioning,

defensive currency exposures, and risk management

strategies were additive in a volatile market environment.



Design +

Strategic positioning was slightly beneficial, as the

quarter was met with risk-on sentiment. Global

equities rose, strategic preferences for CMBX were

additive, and currency factor preferences were

relatively flat.

Construct +

Cyclical segments of the equity market led broad

indices higher, led by strong outperformance by

small cap and other economically-sensitive styles,

such as global value outperforming growth by

3.10%. Value-oriented managers contributed the

most to excess returns, however growth managers

continued to outperform as well.

Manage -

Tactical positioning was detractive over the quarter, as

regional preferences and an overweight to volatility

detracted. This, however, was partially offset by an

underweight to the USD, and an overweight to equity

risk.



Since Inception


RIC Multi-Asset Growth Strategy Fund 8.67% 3.13% 3.13% 2.32% --- --- 3.48% Jul 01, 2016 1.22% 0.93%

CPI +4% 1.07% 5.36% 5.36% 5.85% --- --- 5.92%




(detracted). Returns are for Class S shares at NAV. †,(b),(c) See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


†,(b),(c)

47RIC Multi-Asset Growth Strategy FundPerformance Summary: Fourth Quarter 2020



Return

AUM Target % of



Equities $754.29 35.00% 49.35%

Atlantic Investment Management, Inc. $134.97 2.50% 8.83% + - - --- --- Dec-18

Kopernik Global Investors LLC $64.32 3.50% 4.21% + + + + --- Mar-17

Russell Investment Management, LLC (Active Proprietary Strategy) $21.65 8.50% 1.42% + - - + --- Mar-17

Berenberg Asset Management LLC $63.05 6.00% 4.13% + --- --- --- --- Jun-20

Boston Partners Global Investors, Inc. $172.05 3.50% 11.26% + + + - --- Dec-17

Levin Easterly Partners, LLC $116.67 3.50% 7.63% + - - - --- Mar-17

RiverPark Advisors, LLC $68.60 4.00% 4.49% + + + + --- Mar-17

Sompo Japan NipponKoa Asset Management Co., Ltd. $112.99 3.50% 7.39% + + + --- --- Sep-18

Real Assets $125.25 15.00% 8.19%

Cohen & Steers Capital Management, Inc. $38.53 5.00% 2.52% + - - - --- Mar-17

First Sentier Investors (Australia) IM Limited $60.29 5.00% 3.94% + - - - --- Mar-17

Russell Investment Management, LLC (Risk Premia Commodities

Backwardation)$26.43 5.00% 1.73% - - - --- --- May-18

Fixed Income / Other $509.66 34.50% 33.35%

GLG LLC $67.17 3.50% 4.39% + - - - --- Mar-17

Hermes Investment Management Limited $57.39 7.00% 3.75% + + + + --- Mar-17

Oaktree Capital Management, L.P. $144.15 6.00% 9.43% + - - - --- Aug-17

Putnam Investment Management, LLC (Fixed Income Opportunistic) $75.71 6.00% 4.95% - - - --- --- Sep-19

Putnam Investment Management, LLC (Agency MBS) $165.24 12.00% 10.81% - - - - --- Mar-17

Fund Benchmark

CPI + 4% 1.07% 5.36% 5.36% 5.85% ---

Annualized


48RIC Multi-Asset Growth Strategy Fund Appendix: Fourth Quarter 2020

.

.





› Beta increased throughout the quarter, with underlying preferences for non-U.S. and value-oriented

equities being the primary drivers of risk.

› The underweight U.S. equity position continues to be an overall underweight, funding an overweight to

the UK and Europe ex-UK equities.

› Underweight high yield risk given more attractive skew in equities.

› Currently tilted to value and growth managers and away from defensive managers.

› Tilted to cyclical-oriented companies with a mid- and small-cap bias.

FACTOR POSITIONING1,2

Current Position

Prior Quarter Position

FUND UPDATES

› Increased equity allocation in October heading into the U.S. Presidential election, holding equity

overweights and a moderate risk-on stance, with risk overweights partially mitigated by trims to high yield

credit, securitized, and adding duration moving the Fund to a long duration stance.

› CMBX exposure was trimmed due poor forward-looking return expectations and risk-reward

opportunities.

› Following the election and the resulting risk-on market environment, equity risk was reduced, harvesting

profits of the risk-on positioning in November, however still maintaining a Fund equity overweight.

UNDER OVER

EQUITIES

UNDER OVER

REAL ASSETS

CURRENCIES

UNDER OVER

UNDER OVER

FIXED INCOME

UNDER OVER

EQUITIES

UNDER OVER

REAL ASSETS

CURRENCIES

UNDER OVER

ABSOLUTE RETURN

UNDER OVER

UNDER OVER

FIXED INCOME

†,(b),(c)


RIC Multifactor U.S. Equity Fund 4Q2020 Performance Summary

.

.

50RIC Multifactor U.S. Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

RIM believes that emphasizing certain factors over the course of a market

cycle can offer higher benchmark-relative returns. For the RIC Multifactor U.S.

Equity Fund, this means RIM is more likely to include securities with lower


capitalization, and less volatility. In addition, the Fund seeks to add value

through the dynamic management of factors and sectors.


› Factor Allocation: The Fund had higher value and quality, and lower size,

volatility, and momentum characteristics than the benchmark.

› Sector Allocation: The Fund had overweights to the financials and health

care sectors. It was underweight to the real estate and consumer staples

sectors.

› Industry Allocation: The Fund had overweights to the banks and health care

providers & services industries. It was underweight to the REITs and hotels,

restaurants & leisure industries.



Factor

Allocation-

The Fund's tilts toward stocks with lower valuation

and lower market capitalization held back returns

over the one year period.

Sector

Allocation-

A large overweight to the underperforming

financials sector held back relative performance.

Industry

Allocation-

The Fund's overweights to the airlines, banks, and

insurance industries were not rewarded.



Size +The Fund's tilt toward stocks with lower market

capitalization was beneficial over the quarter.

Sector

Allocation+

An underweight to the real estate sector and an

overweight to the financials sector were

moderately rewarded over the quarter.

Industry

Allocation+

The Fund's overweight to the banks industry and

underweight to the reits industry was beneficial

over the quarter.

.

.


Since Inception


Multifactor U.S. Equity Fund 13.76% 13.60% 13.60% 11.09% 13.48% --- 11.61% Jul 31, 2014 0.61% 0.55%

Russell 1000® Index 13.69% 20.96% 20.96% 14.82% 15.60% --- 13.35%


DRIVERS OF PERFORMANCE†,(b),7


(detracted). Returns are for Class S shares at NAV. †,(b),7 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


51RIC Multifactor U.S. Equity Fund Appendix: Fourth Quarter 2020




0.5%

-1.0%

-0.5%

-0.3%

1.2%

1.6%

-0.1%

-0.7%

0.9%

-1.4%

-0.2%

-5.0% 0.0% 5.0%

CommunicationServices

ConsumerDiscretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

InformationTechnology

Materials

Real Estate

UtilitiesStrategic Position

Current Position

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH




cycle, valuation, sentiment framework as well as to take advantage of tactical opportunities.

• Overall, RIM has a slight pro-cyclical tilt with overweights to value and balance sheet

quality (lower financial leverage). Additionally, RIM has underweights to size and

momentum.






households and businesses to the point where vaccines allow us to sustain a stronger and

more normalized economy again.

.

.

Russell 1000® Index Fund Fund


P/E 25.3 21.0 21.0


PEG 2.1 2.0 2.2

5yr EPS Growth 11.4 11.5 11.8



Beta 1.0 1.0 1.0

Active Risk 1.9 1.7





December 31, 2020


RIC Multi-Strategy Income Fund 4Q2020 Performance Summary

.

.

53RIC Multi-Strategy Income Fund Performance Summary: Fourth Quarter 2020

.

.

STRATEGIC BELIEFS

Design – Translate objectives into a strategic asset allocation.

Construct – Access exposures through a combination of managers and positioning

strategies.

Manage – Dynamically adjust to changing circumstances, markets and managers.

FUND POSITIONING ENTERING THE QUARTER (versus Fund benchmark)

› Risk Control: RIM entered the quarter with a slight risk-on position, with an overweight to

equity risk and underlying preferences for value and small cap equities being the primary

drivers of return.

› Regional positioning: RIM was underweight U.S., overweight EMEA ex-UK relative to the

strategic positioning. The largest region overweight was non-U.S. countries.

› Credit: RIM entered the quarter neutral credit-sensitive sectors, as credit spreads

tightened back to pre-COVID levels.

› Currency: RIM remained modestly underweight USD, overweight EUR, JPY.



Design -

Rates Value and overweight loans at the expense of high

yield were additive, however more than offset by strategic

preferences for CMBX.

Construct-

Key trends in growth outperformance vs. value continued

which drove the negative excess returns in Perkins, Atlantic,

and Levin, the three strategies in the global value camp.

Furthermore, defensive managers were costly as well, failing

to provide key downside protection in the face of volatility

experienced in the first quarter of the year.

Manage -

Regional equity tilts including a preference for European and

U.K. equities over domestic peers, and tactical sector bets

detracted over one year. Meanwhile, duration positioning,

defensive currency exposures, and risk management

strategies were additive in a volatile market environment.



Design +

Strategic positioning was slightly beneficial, as the

quarter was met with risk-on sentiment. Global

equities rose, strategic preferences for CMBX

were additive, and currency factor preferences

were relatively flat.

Construct +

Cyclical segments of the equity market led broad

indices higher, led by strong outperformance by

small cap and other economically-sensitive styles,

such as global value outperforming growth by

3.10%. Value-oriented managers contributed the

most to excess returns, however growth

managers continued to outperform as well.

Manage -

Tactical positioning was detractive over the quarter,

as regional preferences and an overweight to

volatility detracted. This, however, was partially

offset by an underweight to the USD, and an

overweight to equity risk.



Since Inception


RIC Multi-Strategy Income Fund 8.06% 3.38% 3.38% 3.19% 5.70% --- 3.89% May 01, 2015 1.12% 0.78%

Big Six Average 8.78% 6.32% 6.32% 5.32% 7.04% 6.41% 4.95%


DRIVERS OF PERFORMANCE†,(b),5,6,8


(detracted). Returns are for Class S shares at NAV. †,(b),5,6,9 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


54RIC Multi-Strategy Income FundPerformance Summary: Fourth Quarter 2020



Return

AUM Target % of



Global Equities $389.59 31.00% 46.70%

Berenberg Asset Management LLC $54.95 7.00% 6.59% + --- --- --- --- Jun-20

Boston Partners Global Investors, Inc. $120.14 6.00% 14.40% + - - - --- Dec-17

Kopernik Global Investors, LLC $61.18 6.00% 7.33% + + + + --- Apr-16

Russell Investment Management, LLC $64.21 6.00% 7.70% + flat flat + + May-15

Sompo Japan NipponKoa Asset Management Co., Ltd. $89.11 6.00% 10.68% + - - --- --- Sep-18

Real Estate $33.28 6.00% 3.99%

Cohen & Steers Capital Management, Inc - Global Property Securities $24.22 3.00% 2.90% + - - + + May-15

Cohen & Steers Capital Management, Inc - Listed Infrastructure $9.07 3.00% 1.09% - - - - - May-15

Fixed Income $347.87 39.00% 41.70%

Cohen & Steers Capital Management, Inc - Preferred Securities $70.54 10.00% 8.46% - + + + + May-15

GLG LLC $45.55 5.00% 5.46% - - - - --- Apr-17

Oaktree Capital Management, L.P. $81.79 6.00% 9.80% - - - - --- Jul-17

Putnam Investment Management, LLC (Fixed Income Opportunities) $41.39 6.00% 4.96% - - - --- --- Sep-19

Putnam Investment Management, LLC (Mortgage Opportunities) $108.60 12.00% 13.02% - - - - --- Feb-17

Fund Benchmark

Big Six Average 8.78% 6.32% 6.32% 5.32% 7.04%

STYLE-LEVEL PERFORMANCE TABLE


Annualized

55RIC Multi-Strategy Income FundAppendix: Fourth Quarter 2020

.

.




FUND UPDATES

› Increased equity allocation in October heading into the U.S. Presidential election, holding equity overweights and a

moderate risk-on stance, with risk overweights partially mitigated by trims to high yield credit, securitized, and

adding duration moving the Fund to a long duration stance.

› CMBX exposure was trimmed due poor forward-looking return expectations and risk-reward opportunities.

› Following the election and the resulting risk-on market environment, equity risk was reduced, harvesting profits of

the risk-on positioning in November, however still maintaining a Fund equity overweight.



› Beta increased throughout the quarter, with underlying preferences for non-U.S. and value-oriented equities being

the primary drivers of risk.

› The underweight U.S. equity position continues to be an overall underweight, funding an overweight to the UK and

Europe ex-UK equities.

› Underweight high yield risk given more attractive skew in equities.

› Currently tilted to value and growth managers and away from defensive managers.

› Tilted to cyclical-oriented companies with a mid- and small-cap bias.

Current Position

Prior Quarter Position

UNDER OVER

EQUITIES

UNDER OVER

REAL ASSETS

CURRENCIES

UNDER OVER

UNDER OVER

FIXED INCOME

UNDER OVER

EQUITIES

UNDER OVER

REAL ASSETS

CURRENCIES

UNDER OVER

ABSOLUTE RETURN

UNDER OVER

UNDER OVER

FIXED INCOME


RIC Multifactor Bond Fund 4Q2020 Performance Summary

.

.

57RIC Multifactor Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

RIM believes that emphasizing certain factors over the course of a market cycle

can offer higher benchmark-relative returns. For the RIC Multifactor Bond Fund

RIM believes that overweights to credit and duration offer diversifying excess

returns over a cycle and can be further enhance with selection factors

exposures to in credit, rates and currency.



the quarter.

› Credit – The Fund held an overweight to investment grade corporate credits

especially BBB-rated bonds.


positions in German and Japan 10-year futures.

› Currency – The Fund was long positions in EUR and GBP while short

positions in USD and SEK.



Rates -

A modest steepening of the curve led to

underperformance from duration held on the long

end of the curve.

Credit +Further spread tightening across all sectors was a

leading driver of performance for the quarter.

.

.



Rates +Falling rates over the course of the year led to

positive performance from a long duration position.

Credit +

An overweight to corporate credit and tactical

rotation of that exposure were key performance

drivers.

Since Inception


Multifactor Bond Fund 1.76% 7.68% 7.68% --- --- --- 6.81% Nov 13, 2019 0.66% 0.46%

Bloomberg Barclays Global Aggregate Bond Index

USD Hedged0.89% 5.58% 5.58% --- --- --- 5.25%





1. Commentary and impact key reflects contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%), – (detracted). Returns are

for Class S shares at NAV. †,(b),13 See Disclosure page (†) for discussion of Net Annual Operating Expense Ratios.


58RIC Multifactor Bond Fund Appendix: Fourth Quarter 2020





Strategic Position

Current Position

FUND UPDATES




› Duration – The Fund holds a moderately long duration position.

› Credit – The Fund maintains a long, but reduced risk position in corporate credit.

› Rates – The Fund is long U.S. and Australian rates and short Germany.

› Currency – The Fund is long GBP and EUR while short CHF and SEK.

.

.

SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

RATES FACTORS

LOW HIGH

SHORT LONG

Barclays Global

Aggregate USD

Hedged Index Fund Fund




DTS 3.1 4.7 7.0


Rates 0.4 0.2

Currency 0.1 0.1

Credit 0.3 1.1


December 31, 2020


RIC Multifactor International Equity Fund 4Q2020 Performance Summary

.

.

60RIC Multifactor International Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Russell Investments’ strategic beliefs on value, momentum, quality and low

volatility factors are designed to provide exposure to equity factors that

Russell Investments believes to outperform over time. The impact of these

strategic factor preferences was negative relative to the MSCI World ex USA

benchmark. The value RIFP (Russell Investment Factor Portfolio)

outperformed relative to the MSCI World ex US markets.


› Factor positioning: The Fund was overweight Value while underweight Size and

Momentum.

› Sector positioning: The Fund was overweight Financials, Materials, and Utilities

while underweight Health Care, Industrials, and Technology.

› Regional positioning: The Fund was overweight Emerging Markets while

underweight Asia ex Japan, AU/NZ, and US.



Factor

Allocation-

Factor allocation was negative. An overweight to Value was

the major headwind.

Sector

Allocation-

Sector allocation was negative, mainly held back by an

underweight to technology and an overweight to financials.

Regional

Allocation+

Region positioning was positive, driven by overweights to

Japan and EMEA ex UK.

Security

Selection -Selection was broadly negative, particularly in consumer

discretionary and financials.



Factor

Allocation+

Factor allocation was positive. An overweight to value

and a preference for smaller names were positive

contributors.

Sector

Allocation+

Sector allocation was positive, led by an overweight to

financials and an underweight to health care.

Regional

Positioning-

Regional positioning detracted. An underweight to Asia

Pacific ex Japan was the main detractor

Security

Selection +

Selection was net positive. Poor selection in industrials

and health care was negated by positive selectionin

materials. From a regional perspective selection ion the

UK and EMEA ex UK were positive contributors

.

.



Since Inception


Multifactor International Equity Fund 15.90% 2.51% 2.51% 1.07% 5.50% --- 2.34% Jul 31, 2014 0.78% 0.64%

MSCI World ex-USA Index Net1 15.85% 7.59% 7.59% 4.22% 7.64% --- 4.11%



1. The Fund’s benchmark change from the Russell Developed ex-U.S. Large Cap Index Net to the MSCI World ex-USA Index Net was implemented on January 1, 2018.


(detracted). Returns are for Class S shares at NAV. . †,(b),7 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios. Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The most recent month-end performance for Russell Investments mutual funds is available by visiting: https://russellinvestments.com/us/funds/performance-prices.

MSCI World ex USA Index Fund Fund


P/E 18.1 14.8 14.0


PEG 2.7 3.8 3.6




Beta 0.8 1.0 1.0

Active Risk 1.6 1.5


Wt Med Mkt Cap (bil) $41.63 $32.92 $30.33


December 31, 2020

PORTFOLIO CHARACTERISTICS 61RIC Multifactor International Equity Fund Appendix: Fourth Quarter 2020




1.2%

-0.2%

-1.0%

0.0%

3.4%

-2.8%

-1.4%

-2.7%

2.9%

0.3%

0.4%

-10.0% 0.0% 10.0%

CommunicationServicesConsumer

Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position



› Factor positioning: The Fund is overweight Value while underweight Size and Momentum.

› Sector positioning: The Fund is overweight Communication Services, Financials, and Materials

while underweight Consumer Staples, Health Care, Industrials, and Technology.

› Regional positioning: The Fund is overweight Canada, Emerging Markets, and Europe ex UK

while underweight AU/NZ and Japan.

Outlook:


Positive sentiment was driven by the arrival of Covid-19 vaccines. This light at the end of the tunnel

came as Covid-19 cases and deaths reached record highs. Joe Biden’s victory in the US

presidential race, that subsequently came with a “blue-wave” after a January Senatorial run-off in

Georgia, along with a Brexit deal helped ease political uncertainties. President Trump’s efforts to

contest election results, and his second impeachment, lent another source of volatility as we entered

the new year.

The US imposed additional sanctions on Chinese government-controlled companies to end Q4, with

retribution threatened by China. The Biden administration is expected to de-escalate global trade

tensions, which may make trade conflict less of a factor in 2021. Biden’s recent $1.9T coronavirus

relief proposal provides funding to a variety of sources, including paychecks to most Americans and

$20B towards a national vaccine program. The re-opening trade favored cyclically sensitive stocks in

Q4, and we expect this to continue into 2021.

Global markets saw rotation into small cap and value, after a protracted run for large cap growth

names--despite historically high valuations. Valuations tightened in Q4, but remain at historical

highs, leading us to expect this trend will continue in 2021. Financials and energy outperformed the

market over the quarter, and the MSCI Emerging Markets Index rose 19.7%, marking one of its

strongest rallies ever.

REGION POSITIONING2

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

-1.0%

1.0%

1.1%

-0.4%

1.3%

-1.5%

0.5%

-1.0%

-4.0% -2.0% 0.0% 2.0% 4.0%

United States

Canada

Emea Ex UK

United Kingdom

Emerging Markets

Japan

Asia ex Japan

Aus/NZ

.

.Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The most recent month-end performance for Russell Investments mutual funds is available by visiting: https://russellinvestments.com/us/funds/performance-prices.

RIC Short Duration Bond Fund4Q2020 Performance Summary

.

.

63RIC Short Duration Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC Short

Duration Bond Fund, although we believe that emphasizing certain factors


For the fixed income funds, this means RIM is more likely to include securities

with more credit risk, longer duration, and higher real yield. In addition, we

also invest in currency to provide additional return potential and added

diversification.


› Duration: The Fund was long duration versus the benchmark.

› Credit: The Fund was underweight U.S. treasuries while it held an explicit

allocation to corporates and securitized instruments to diversify credit risk.

› Rates: The Fund has long positions in Australia & Japan and short positions in

German & Canada 10-year government interest rate futures.

› Currency: The Fund has long positions NOK, EUR, GBP. It has short positions in

CHF, JPY, USD.



Duration +

Accommodative central bank policy throughout the

year was a strong positive contribution to Fund

performance given the overweight to duration.

Credit +

Active management was a strong positive during the

year, particularly adding credit risk exposure when

spreads widened significantly in March and April.



Credit +

IG Credit continued to outperform on the back of

U.S. Federal reserve buying, U.S. government

stimulus, economic reopening and positive

vaccine news.

Quality +

Lower quality exposure – especially the BBB-

rated quality cohort and sub-investment grade –

was beneficial as higher-beta credit risk continued

to rally during the quarter.


Since Inception


Short Duration Bond Fund 0.77% 4.98% 4.98% 3.63% 2.94% 2.26% 5.87% Oct 30, 1981 0.81% 0.58%

ICE BofAML 1-3 Year U.S. Treasury Index 0.05% 3.10% 3.10% 2.74% 1.90% 1.30% 5.57%


DRIVERS OF PERFORMANCE†,(a),4,5,6


(detracted). Returns are for Class S shares at NAV. †,(a),4,5,6 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


64RIC Short Duration Bond FundPerformance Summary: Fourth Quarter 2020



2. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: ICE Bank of America Merrill Lynch

1-3 Year U.S Treasury Index

FUND UPDATES


AUM Target % of



Generalist $241.49 58.00% 57.61%

MetLife Investment Management, LLC $109.44 29.00% 26.11% + + + + + Nov-07

Scout Investments LLC $132.05 29.00% 31.50% + + + + + Oct-14

RIM1 $177.72 39.00% 42.39%

Physicals

Intelligent Credit $85.89 10.00% 20.49% + + + --- --- Jun-19

Strategic Credit Factors $91.83 29.00% 21.91% + + + + flat Nov-14

Fund Benchmark

ICE BofAML 1-3 Year US Treasury Index 0.05% 3.10% 3.10% 2.74% 1.90%


Annualized Return

65RIC Short Duration Bond Fund Appendix: Fourth Quarter 2020




Strategic Position

Current Position



› Duration: The Fund maintained a long duration versus the benchmark.

› Credit: The Fund held an underweight to US treasuries while it held an

explicit diversified allocation to corporate credit and securitized

instruments.

› Rates: The Fund has long positions in Australia & Japan and short

positions in German & Canada 10-year government interest rate futures.

› Currency: The Fund has long positions GBP, NOK and EUR. It has short

positions in USD, CHF and SEK.


SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

REAL YIELD

LOW HIGH

SHORT LONG

-86.2%

2.6%

20.2%

29.1%

1.7%

4.7%

6.8%

6.5%

-100.0% 0.0% 100.0%

Govt / Govt-Related

High Yield Corporate

Financial Institutions

Industrial

Utility

Residential MBS

CMBS

ABS

-63.0%

9.4%

20.6%

26.8%

2.8%

0.4%

0.7%

2.4%

-80.0% -40.0% 0.0% 40.0% 80.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated

.

.


Bank of America

Merrill Lynch 1-3 Year

U.S. Treasury Index Fund Fund




DTS 0.0 1.6 2.6


Rates 0.1 0.0

Currency 0.1 0.1

Credit 1.9 2.6


December 31, 2020


RIC U.S. Small Cap Equity Fund 4Q2020 Performance Summary

.

.

67RIC U.S. Small Cap Equity FundPerformance Summary: Fourth Quarter 2020



Factor

Allocation-

The Fund’s tilts toward companies with lower

valuation and higher profitability were not additive

over the year.

Sector

Allocation+

Underweights to the real estate and financials

sectors were rewarded.

Stock

Selection-

Selection within the consumer staples, industrials,

and health care sectors was a meaningful driver of

underperformance.



Factor

AllocationFlat


valuations and lower market capitalization were

rewarded over the quarter. However, the Fund’s

underweight to more volatile and unprofitable

stocks detracted.

Sector

Allocation+

Overweights to the energy and materials sectors

were beneficial.

Stock

Selection

+Security selection within the consumer

discretionary and financials sectors was additive to

relative performance.


STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC U.S.

Small Cap Equity Fund, although RIM believes that emphasizing certain



securities with lower valuation, higher quality, positive earnings momentum,

lower market capitalization, and less volatility.



benchmark.

› Factor Allocation: The Fund had higher value and quality, and lower size,

volatility, and momentum characteristics than the benchmark.

› Sector Allocation: The Fund was overweight to the materials and information

technology sectors. It was underweight to the health care and industrials

sectors.

Since Inception


U.S. Small Cap Equity Fund 31.56% 12.84% 12.84% 7.04% 11.29% 10.11% 10.71% Dec 28, 1981 1.16% 1.12%

Russell 2000® Index 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 10.56%






68RIC U.S. Small Cap Equity FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of

Total Fund Weight Fund Inception

$1,512.15 97.0% 100.0% 4th Qtr YTD 1 YR 3 YR 5 YR Date

Value Style $262.95 20.00% 17.39%

Boston Partners Global Investors, Inc. $262.95 20.00% 17.39% flat - - - - Apr-15


Ancora Advisors LLC2 $254.90 18.50% 16.86% + - - - - Dec-14

Penn Capital Management Company, Inc. $155.39 5.00% 10.28% + --- --- --- --- May-20

Jacobs Levy Equity Management, Inc. $231.52 14.50% 15.31% + - - - + Jun-95

Growth Style $314.15 20.00% 20.78%

Ranger Investment Management, L.P. $314.15 20.00% 20.78% - + + --- --- Sep-19

RIM $293.25 19.00% 19.39%

Russell Investment Management, LLC1 $293.25 19.00% 19.39% - - - - - Aug-13

Fund Benchmark

Russell 2000® Index 31.37% 19.96% 19.96% 10.25% 13.26%

PERFORMANCE AT A GLANCEPeriod Ending December 31, 2020

Annualized Return

69RIC U.S. Small Cap Equity Fund Appendix: Fourth Quarter 2020

1. Beta Characteristics: R2000® Index is compared against the R3000® Index. The Fund is compared against the R2000® Index.






cycle, valuation, sentiment framework as well as to take advantage of tactical opportunities

within each manager’s excess return cycle.

• Relative to the benchmark, the Fund has a slight pro-cyclical tilt and is positioned toward

value, quality, and lower size factors. This is in recognition of current valuation opportunities,

cycle considerations, and the risk of elevated levels of corporate debt and unprofitability

among U.S. small cap companies.

• Multiple COVID-19 vaccines were found to be highly effective and approved for emergency

use in the United States and Europe in December. Markets overlooked virus outbreaks that

intensified through the holiday period as vaccine rollouts should ensure a strong economic

and earnings rebound through the middle of 2021.







0.5%

1.8%

0.1%

1.1%

-0.3%

-2.6%

-1.2%

0.5%

1.8%

-1.4%

-0.4%

-10.0% 0.0% 10.0%



ConsumerStaples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

SECTOR POSITIONING2FACTOR POSITIONING2,3

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

Strategic Position

Current Position



P/E 19.4 18.3 15.6

LT Growth Med 10.6 10.8 10.7

PEG 1.8 1.7 1.5




Beta1 1.4 1.0 1.0

Active Risk 4.3 4.1


Wt Med Mkt Cap (bil) $2.83 $1.89 $1.47



December 31, 2020


RIC Strategic Bond Fund 4Q2020 Performance Summary

.

.

71RIC Strategic Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Strategic Bond Fund, although RIM believes that emphasizing certain factors



with more credit risk, longer duration, and higher real yield. In addition, the

Fund also invests in currency to provide additional return potential and added

diversification.



the quarter.

› Credit – The Fund held an overweight to securitized securities and




positions in German and Japan 10-year futures.

› Currency – The Fund was long positions in GBP and CAD while short

positions in USD and CHF.



Duration +

Accommodative dovish monetary policy

throughout the year led to strong positive

contribution to Fund performance from a long

duration stance.

Credit +

An overweight to corporate credit and tactical

rotation within the sector was a leading driver of

annual performance.



Credit +Credit continued to outperform with high

expectations for a new U.S. stimulus package.

Currency +Short USD positions and long positions in various

emerging currencies were additive this quarter.

.

.


Since Inception


Strategic Bond Fund 1.90% 8.88% 8.88% 5.76% 4.91% 4.21% 5.61% Jan 29, 1993 0.75% 0.58%

Bloomberg Barclays U.S. Aggregate Bond Index 0.67% 7.51% 7.51% 5.34% 4.44% 3.84% 5.41%


DRIVERS OF PERFORMANCE†,(a),(b),1,5,6

1. Commentary and impact key reflects contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%),

– (detracted). Returns are for Class S shares at NAV. . †,(a),(b),1,5,6 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


72RIC Strategic Bond FundPerformance Summary: Fourth Quarter 2020



2. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: Bloomberg Barclays U.S.

Aggregate Index.

FUND UPDATES


AUM Target % of



Generalist $1,148.53 41.80% 60.49%

Colchester Global Investors Limited $242.98 13.30% 12.80% + - - - - Jun-12

Western Asset Management Company $905.55 28.50% 47.70% + + + + --- Jun-16

Specialist $755.72 19.00% 39.80%

Schroder Investment Management North America Inc. $755.72 19.00% 39.80% + - - - + Dec-07

RIM1 $750.04 34.20% 39.51%

Physicals

US Fallen Angels $64.30 0.95% 3.39% + + + + --- Sep-16

Intelligent Credit (IG) $685.74 19.00% 36.12% + + + + --- Sep-17

US Treasuries $315.76 14.25% 16.63% - + + flat --- Oct-16

Fund Benchmark

Bloomberg Barclays U.S. Aggregate Bond Index 0.67% 7.51% 7.51% 5.34% 4.44%

Annualized Return


73RIC Strategic Bond Fund Appendix: Fourth Quarter 2020




3. Holdings within ‘Other’ largely includes covered bonds, cash, FX, and derivatives.

4. Total active risk includes idiosyncratic risk. Credit, rates and currency will not necessarily sum to the total

SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

RATES FACTORS

LOW HIGH

SHORT LONG

Strategic Position

Current Position



› Duration – The Fund continues to hold a moderately long duration position

› Credit – The Fund maintains an overweight to securitized credit and EMD

but has reduced its corporate overweight

› Rates – The Fund hold long positions in U.S. and Australian rates while

owning shorts in German rates

› Currency – The Fund is long GBP and EUR and short SEK and CHF


-17.5%

-4.3%

0.9%

3.6%

-11.4%

1.7%

5.8%

5.0%

16.2%

-25.0% 0.0% 25.0%

Government

Government Related

Corporate IG

Corporate HY

Agency MBS

CMBS

ABS

Emerging Markets

Other

-22.4%

-1.3%

-1.9%

12.6%

5.3%

2.0%

0.5%

5.2%

-40.0% -20.0% 0.0% 20.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated

Bloomberg Barclays

U.S. Aggregate Bond

Index Fund Fund




DTS 3.7 5.9 7.8


Rates 0.3 0.3

Currency 0.5 0.5

Credit 1.1 1.4

December 31, 2020


3


RIC Sustainable Equity Fund 4Q2020 Performance Summary

.

.

Since Inception


Sustainable Equity Fund 10.29% 13.48% 13.48% 12.27% 13.04% 12.47% 9.74% May 29, 1987 1.19% 1.12%

Russell 1000® Defensive Index 8.30% 13.93% 13.93% 14.11% 14.55% 13.99% ---

Russell 1000® Index 13.69% 20.96% 20.96% 14.82% 15.60% 14.01% ---

Sustainable Equity Linked Benchmark 8.30% 13.93% 13.93% 14.11% 14.55% 13.25% 10.28%


75RIC Sustainable Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Sustainable Equity Fund, although RIM believes that emphasizing certain



securities with lower valuation, higher quality, positive momentum, lower

market capitalization, and less volatility.



benchmark.

› Factor Allocation: The Fund had higher value, and lower size and

momentum characteristics than the benchmark.

› Sector Allocation: The Fund was overweight to the financials and

consumer discretionary sectors. It was underweight to the information

technology and communication services sectors.



Size -

The Fund’s tilt toward stocks with below

benchmark market capitalization detracted from

performance over the year

Sector

Allocation-

An underweight to the information technology

sector and an overweight to the financials sector

held back benchmark relative returns.

Stock

Selection+

Selection within the financials, consumer

discretionary, and real estate sectors was

rewarded.



Factor

Allocation+

The Fund's tilts toward stocks with lower valuation

and lower market capitalization were beneficial.

Sector

Allocation-

An underweight to the communication services

sector and an overweight to the real estate sector

held back benchmark relative returns.

Stock

Selection+

Selection within the information technology and

financials sectors was the primary driver of

outperformance.

.

.







76RIC Sustainable Equity FundPerformance Summary: Fourth Quarter 2020


FUND UPDATES




Return

AUM Target % of




Coho Partners, Ltd. - Large Cap Relative Value $40.75 13.00% 14.80% + + + - - Sep-15

Coho Partners, Ltd. - Relative Value $36.41 13.00% 13.22% + - - - - Sep-15

Jacobs Levy Equity Management, Inc. $90.00 30.00% 32.68% + - - flat + Aug-99

Mar Vista Investment Partners, LLC $62.62 21.00% 22.74% + + + + --- Dec-16

RIM $45.63 18.00% 16.57%

Russell Investment Management, LLC1 $45.63 18.00% 16.57% + + + - flat Oct-13

Fund Benchmark

Russell 1000® Defensive Index 8.30% 13.93% 13.93% 14.11% 14.55%


77RIC Sustainable Equity Fund Appendix: Fourth Quarter 2020




-7.8%

3.1%

1.5%

0.2%

4.9%

-1.6%

0.4%

-5.4%

0.0%

3.1%

1.6%

-15.0% 0.0% 15.0%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position






• The Fund is positioned to provide downside protection relative to the broad market.

Relative to the benchmark, the Fund is currently positioned towards the value factor and

has exposure to below benchmark market capitalization names, in recognition of current

valuation opportunities and business cycle considerations.






households and businesses to the point where vaccines allow us to sustain a stronger

and more normalized economy again.




VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

Russell 1000® Defensive

IndexFund Fund


P/E 24.9 20.3 20.3


PEG 2.2 1.8 2.1

5yr EPS Growth 15.1 12.8 12.4



Beta1 0.8 1.0 1.0

Active Risk 5.0 5.5





December 31, 2020


RIC Tax-Managed U.S. Large Cap Fund 4Q2020 Performance Summary

.

.

Since Inception


Tax-Managed U.S. Large Cap Fund 11.89% 17.70% 17.70% 12.19% 13.46% 12.40% 8.36% Oct 07, 1996 0.95% 0.92%

S&P 500® Index 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 9.20%


79RIC Tax-Managed U.S. Large Cap FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the Russell

Tax-Managed U.S. Large Cap Fund, although RIM believes that emphasizing


relative returns. For the equity funds, this means RIM is more likely to include





benchmark.

› Factor Allocation: The Fund had higher growth and quality, and lower size

than the benchmark.

› Sector Allocation: The Fund had overweights to the health care and

materials sectors. It was underweight to the industrials and consumer

staples sectors.



Factor

Allocation+

Impact of factor allocation was positive over the

year, especially a tilt toward stocks with higher

growth characteristics.

Sector

Allocation+

An underweight to the energy sector and an

overweight to the information technology sector

were additive to relative performance.

Stock

Selection-

Selection within the consumer discretionary and

industrials sectors held back returns.



Size +The Fund's tilt toward stocks with lower market

capitalization was beneficial over the quarter.

Sector

Allocation-

Underweights to the energy and financials sectors

were not rewarded.

Stock

Selection+


information technology sectors was additive to

relative performance.

.

.







80RIC Tax-Managed U.S. Large Cap FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of



Value Style $754.27 20.00% 16.27%

Barrow, Hanley, Mewhinney & Strauss, LLC $754.27 20.00% 16.27% + - - - - Dec-14


J.P. Morgan Investment Management Inc. $874.79 20.00% 18.87% - + + + + Oct-96

Growth Style $1,358.38 20.00% 29.30%

Sustainable Growth Advisers, LP $1,358.38 20.00% 29.30% - + + + + Mar-11

RIM $1,648.69 37.00% 35.56%

Russell Investment Management, LLC1 $1,648.69 37.00% 35.56% flat - - - - Oct-13

Fund Benchmark

S&P 500® Index 12.15% 18.40% 18.40% 14.18% 15.22%


S&P 500 index Fund Fund


P/E 23.8 25.8 25.8

LT Growth Med 12.1 12.8 11.0

PEG 2.0 2.0 2.3

5yr EPS Growth 11.3 13.1 13.3



Beta 1.0 1.0 1.0

Active Risk 2.2 1.9





December 31, 202081

RIC Tax-Managed U.S. Large Cap Fund Appendix: Fourth Quarter 2020




-0.7%

-0.7%

-2.1%

-1.1%

-0.9%

3.6%

-0.8%

1.0%

2.1%

-0.6%

0.1%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

UtilitiesStrategic Position

Current Position

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH



• The Fund continues to be dynamically managed in alignment with Russell

Investments’ cycle, valuation, sentiment framework as well as to take advantage

of tactical opportunities within each manager’s excess return cycle.

• Overall, RIM has a slight pro-cyclical tilt with overweights to value and quality

while maintaining approximately neutral growth exposure for a more core

positioning. Additionally, RIM has an underweight to size.


emergency use in the United States and Europe in December. Markets

overlooked virus outbreaks that intensified through the holiday period as vaccine

rollouts should ensure a strong economic and earnings rebound through the

middle of 2021.

• The U.S. Congress passed another massive $908bn stimulus package to help

bridge households and businesses to the point where vaccines allow us to

sustain a stronger and more normalized economy again.

• In alignment with Russell Investments’ strategic equity beliefs, stock selection

of the underlying active managers, based on their long-term assessment of each

individual company, continues to be the primary driver of the Fund’s expected

risk and return.

.

.


RIC Tax-Exempt Bond Fund 4Q2020 Performance Summary

.

.

83RIC Tax-Exempt Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the RIC Tax-

Exempt Bond Fund, although RIM believes that emphasizing certain factors



with more credit risk, longer duration, and higher real yield.


› Duration - The Fund held slightly long duration position over benchmark.

› Credit - The Fund continues to be overweight duration times spread and

overweight the health care and educations sectors. The Fund is also

overweight Illinois, local GOs and the revenue sector while being underweight

the state GO sector.

› Quality - The Fund continued to overweight A- and BBB-rated bonds while

underweighting AAA-rated bonds and maintaining out-of-index to sub-

investment grade credit.



Credit

Selection /

State

-

An overweight to Illinois and an underweight to

California, along with exposure to public

transportation credits such as NY/NJ MTA were

negative for performance. This was offset to a

degree by positives from overweights to Puerto Rico

and Tobacco bonds.

Quality -

Quality selection was a headwind. An underweight

to AAA-rated municipal bonds and an overweight to

BBB-rated municipal bonds detracted from

performance.

.

.



Duration +

The Fund’s overweight to the longer segment of

the yield curve was beneficial as the yield curve

shifted down over the quarter.

Quality +

Overweights to the BBB-and A- rated quality

cohorts, along with out-of-index exposure sub-

investment grade bonds, were beneficial as risk

rallied during the quarter.

Muni Type +

An overweight to the revenue sector, particularly

hospitals, was beneficial as risk was rewarded

during the quarter.


Since Inception


Tax-Exempt Bond Fund 2.18% 4.05% 4.05% 4.17% 3.46% 3.66% 4.41% Sep 05, 1985 0.58% 0.52%

Bloomberg Barclays Municipal 1-15 Yr Blend

(1-17) Index1.33% 4.73% 4.73% 4.23% 3.39% 3.84% ---

Tax-Exempt Bond Linked Benchmark1 1.33% 4.73% 4.73% 4.23% 3.39% 3.67% ---



1. The Tax-Exempt Bond Linked benchmark represents the returns of the Bloomberg Barclays Municipal 1-10 Year Blend Index through September 30, 2013, and the returns of the

Bloomberg Barclays Municipal 1-15 Year Blend Index thereafter.


(detracted). Returns are for Class S shares at NAV. . †,(a),2 See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.


84RIC Tax-Exempt Bond FundPerformance Summary: Fourth Quarter 2020


1. The Tax-Exempt Bond Linked benchmark represents the returns of the Bloomberg Barclays Municipal 1-10 Year Blend (1-12) Index through September 30, 2013, and the returns

of the Bloomberg Barclays Municipal 1-15 Year Blend (1-17) Index thereafter.

2. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: Bloomberg Barclays Municipal 1-15

Year (1-17) Index

FUND UPDATES


AUM Target % of



Specialist $3,194.32 98.00% 100.00%

Goldman Sachs Asset Management $1,130.97 29.40% 35.41% + - - + --- Sep-17

MacKay Shields LLC $2,063.35 68.60% 64.59% + + + + + Jun-13

Fund Benchmark

Tax-Exempt Bond Linked Benchmark1 1.33% 4.73% 4.73% 4.23% 3.39%

Bloomberg Barclays Municipal 1-15 Year Blend (1-17) Index 1.33% 4.73% 4.73% 4.23% 3.39%

Bloomberg Barclays Municipal 1-10 Year Blend (1-12) Index 0.98% 4.23% 4.23% 3.82% 2.96%

Annualized Return


85RIC Tax-Exempt Bond Fund Appendix: Fourth Quarter 2020

Strategic Position

Current Position



› Duration – The Fund kept a moderate long duration position over

benchmark.

› Credit - The Fund continued to hold a preference for spread risk and an

overweight to the healthcare and educations sectors. The Fund

maintained overweights to Illinois, local GOs and the revenue sector

while being underweight the state GO sector.

› Quality - The Fund continues to overweight A- and BBB-rated bonds

while underweighting AAA-rated bonds and maintaining out-of-index to

sub-investment grade credit.

SHORT LONG

DURATION

UNDER OVER

CREDIT

-10.2%

-12.8%

2.0%

10.9%

4.2%

0.1%

1.6%

4.3%

-30.0% -10.0% 10.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated



3. Total active risk includes idiosyncratic risk. Credit, rates, and currency will not necessarily sum to the total


Bloomberg Barclays 1-

15 Year Municipal

Bond Index Fund Fund




DTS 2.1 5.6 6.3


Rates 0.1 0.1

Currency 0.0 0.0

Credit 2.3 2.9


December 31, 2020


RIC Tax-Exempt High Yield Bond Fund 4Q2020 Performance Summary

.

.

87RIC Tax-Exempt High Yield Bond FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Exempt High Yield Bond Fund, although RIM believes that emphasizing


relative returns. For the fixed income funds, this means RIM is more likely to

include securities with more credit risk, longer duration, and higher real yield.


› Duration - The Fund held slightly long duration position over benchmark.

› Credit - The Fund continues to be overweight duration times spread due to

the overweight to the revenue sector, hospitals and Illinois, Chicago and

New Jersey credits that have more spread risk than the benchmark.

› Quality - The Fund continue to maintain an overweight to A- and BBB-rated

municipal bonds compared to the benchmark, along with an underweight to

the sub-investment grade quality cohort.



Credit -

The Fund’s overweight to credit risk in the form of

Illinois, Chicago and the revenue sector detracted

as spreads widened meaningfully during the

COVID-19 pandemic selloff.

Quality -/+

Quality selection was a headwind. And

underweight to AAA-rated municipal bonds and an

overweight to BBB-rated municipal bonds

detracted from performance, while an underweight

to sub-investment grade bonds was beneficial.



Quality +/-

An overweight to the BBB-rated quality cohort was

beneficial as risk rallied, while an underweight to

sub-investment grade bonds detracted.

Muni Sector +

The Fund’s overweight to the revenue sector,

including healthcare, was beneficial given positive

vaccine news.


Since Inception


Tax-Exempt High Yield Bond Fund 4.37% 3.97% 3.97% 5.83% 5.63% --- 5.77% Jun 01, 2015 0.81% 0.64%

Tax-Exempt High Yield Bond Fund Benchmark1 3.43% 5.12% 5.12% 5.93% 5.52% --- 5.16%

Annualized Return Annual ExpensesDRIVERS OF PERFORMANCE

†,(b),2

1. The Fund’s Tax-Exempt High Yield Bond benchmark is 60% Bloomberg Barclays Municipal High Yield Bond Index / 40% Bloomberg Barclays Municipal Bond Index.

2. Commentary and impact reflects contribution from drivers to the Fund’s performance relative to the index: + (contributed positively), Flat (marginal impact, within +/- 0.05%), –



88RIC Tax-Exempt High Yield Bond FundPerformance Summary: Fourth Quarter 2020


1. Performance Key: + Positive impact; Flat fund and index return within +/- 25 basis points; – Negative impact relative to the Fund’s benchmark: 60% Bloomberg Barclays Municipal

High Yield Bond Index / 40% Bloomberg Barclays Municipal Bond Index.

FUND UPDATES


AUM Target % of



Specialist $1,182.88 98.00% 100.00%

Goldman Sachs Asset Management $592.57 49.00% 50.10% + flat flat + + Jun-15

MacKay Shields LLC $590.30 49.00% 49.90% + flat flat + + Jun-15

Fund Benchmark

Bloomberg Barclays Municipal High Yield / Municipal Bond Index 3.43% 5.12% 5.12% 5.93% 5.52%


Annualized Return

89RIC Tax-Exempt High Yield Bond Fund Appendix: Fourth Quarter 2020


During the quarter, the manager weights were maintained near their 50/50

strategic target.


Duration - The Fund held moderate long duration position over benchmark.

Credit - The Fund continues to be overweight duration times spread due to the

overweight to hospitals and Illinois, Chicago and New Jersey credits that have

more spread risk than the benchmark.

Quality - The Fund maintained an overweight to A- and BBB-rated municipal

bonds compared to the benchmark, and an underweight to sub-investment

grade quality cohort.

SHORT LONG

DURATION

UNDER OVER

CREDIT

-3.2%

-12.8%

3.7%

25.5%

-3.2%

-0.9%

1.4%

-10.5%

-40.0% 0.0% 40.0%

AAA

AA

A

BBB

BB

B

CCC and below

Not Rated

FACTOR POSITIONING1,2 Quality POSITIONING2



3. Total active risk includes idiosyncratic risk. Credit, rates, and currency will not necessarily sum to total.

Bloomberg Barclays

Municipal HY Bond

Index /

Municipal Bond Index Fund Fund




DTS 6.6 10.2 10.6


Rates 0.1 0.1

Currency 0.0 0.0

Credit 1.8 2.2


December 31, 2020

Strategic Position

Current Position


RIC Tax-Managed International Equity Fund 4Q2020 Performance Summary

.

.

91RIC Tax-Managed International Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Managed International Fund, although RIM believes that emphasizing certain






› Factor positioning: The Fund was overweight Value and Volatility while

underweight Momentum and Size.

› Sector positioning: The Fund was overweight Consumer Discretionary,

Financials, and Materials while underweight Consumer Staples, Health

Care, and Real Estate.

› Regional positioning: The Fund was overweight Emerging Markets, Europe

ex UK, and Japan while underweight AU/NZ, Canada, and US.



Factor

Allocation-

Factor impact was negative, the Fund's value emphasis

was a headwind.

Sector

Allocation-

Sector allocation was negative. An underweight to

technology and an overweight to financials detracted.

Regional

Allocation+

Regional positioning was additive. An underweight to

Asia Pacific ex Japan was a contributor.

Security

Selection-

Selection was negative. Broadly ineffective selection

was led by poor selection in health care and industrials.



Factor

Allocation+ Factor impact was positive, driven by a tilt to value.

Sector

Allocation+

Sector impact was positive. An overweight to financials

and underweight to health care was additive.

Regional

Positioning+

Regional positioning was positive, exposure to emerging

markets was additive.

Security

Selection+

Selection was successful, particularly in consumer

discretionary. From a regional perspective, selection was

additive in EMEA ex UK and emerging markets.



Since Inception


Tax-Managed International Equity Fund 19.80% 6.84% 6.84% 2.19% 7.65% --- 4.27% Jun 01, 2015 1.16% 1.04%

MSCI AC World Index ex USA Net 17.01% 10.65% 10.65% 4.88% 8.93% --- 5.61%






92RIC Tax-Managed International Equity FundPerformance Summary: Fourth Quarter 2020



2. The custom peer group for RIC Tax-Managed International Fund is 80% Morningstar Foreign Large Blend / 20% Morningstar Diversified Emerging Markets.


Return

FUND UPDATES


AUM Target % of



Developed $510.09 25.00% 23.19%


Partners Inc.$236.42 12.50% 10.75% + --- --- --- --- Jan-20

Pzena Investment Management, LLC $273.67 12.50% 12.44% + - - - - Jun-15

Emerging $909.46 35.00% 41.34%

AllianceBernstein L.P. $220.43 7.50% 10.02% + - - - + Jun-15

RWC Asset Advisors (US) LLC $322.87 7.50% 14.68% + + + + + Jun-15

Wellington Management Company LLP $366.16 20.00% 16.64% + --- --- --- --- Sep-20

RIM $780.31 39.00% 35.47%

Russell Investment Management, LLC1 $780.31 39.00% 35.47% + - - - - Jun-15

Fund Benchmark

MSCI AC World Index ex USA Net 17.01% 10.65% 10.65% 4.88% 8.93%

Custom Tax-Managed International Equity2 16.53% 11.02% 11.02% 4.48% 8.41%


MSCI AC World Index ex USA Fund Fund


P/E 17.2 16.3 14.8


PEG 1.7 3.0 2.4




Beta 0.8 1.0 1.0

Active Risk 2.9 2.4


Wt Med Mkt Cap (bil) $41.62 $33.24 $28.24



December 31, 2020

93RIC Tax-Managed International Equity Fund Appendix: Fourth Quarter 2020




-1.0%

-0.5%

-2.0%

1.5%

5.2%

-4.1%

0.5%

-0.4%

2.7%

-0.9%

-1.0%

-10.0% 0.0% 10.0%

CommunicationServicesConsumer

Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position



› Factor positioning: The Fund is overweight Value, Volatility, and Quality and underweight

Momentum and Size.

› Sector positioning: The Fund is overweight Energy, Financials, and Materials while underweight

Consumer Staples, Health Care, and Utilities.

› Regional positioning: The Fund is overweight Canada and Emerging Markets while underweight to

Japan and US.

Outlook:

The MSCI World Index rose 13.96% in Q4 with favorable conditions for further gains in 2021. Positive

sentiment was driven by the arrival of Covid-19 vaccines. This light at the end of the tunnel came as

Covid-19 cases and deaths reached record highs. Joe Biden’s victory in the US presidential race, that

subsequently came with a “blue-wave” after a January Senatorial run-off in Georgia, along with a

Brexit deal helped ease political uncertainties. President Trump’s efforts to contest election results,

and his second impeachment, lent another source of volatility as we entered the new year.

The US imposed additional sanctions on Chinese government-controlled companies to end Q4, with

retribution threatened by China. The Biden administration is expected to de-escalate global trade

tensions, which may make trade conflict less of a factor in 2021. Biden’s recent $1.9T coronavirus

relief proposal provides funding to a variety of sources, including paychecks to most Americans and

$20B towards a national vaccine program. The re-opening trade favored cyclically sensitive stocks in

Q4, and we expect this to continue into 2021.

Global markets saw rotation into small cap and value, after a protracted run for large cap growth

names--despite historically high valuations. Valuations tightened in Q4, but remain at historical highs,

leading us to expect this trend will continue in 2021. Financials and energy outperformed the market

over the quarter, and the MSCI Emerging Markets Index rose 19.7%, marking one of its strongest

rallies ever.

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

REGION POSITIONING2

-1.7%

1.4%

0.2%

-0.7%

2.7%

-1.4%

0.0%

-0.4%

-5.0% 0.0% 5.0%

United_States

Canada

Emea Ex- United…

United Kingdom

Emerging Markets

Japan

Asia ex Japan

Aus/NZ


RIC Tax-Managed Real Assets Fund 4Q2020 Performance Summary

.

.

Since Inception


Tax-Managed Real Assets Fund 18.79% 3.89% 3.89% --- --- --- 7.11% Jun 10, 2019 1.28% 1.08%

Tax-Managed Real Assets Blended Benchmark1 15.58% -4.98% -4.98% --- --- --- 1.34%


95RIC Tax-Managed Real Assets Fund Performance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Managed Real Assets Fund, although RIM believes that emphasizing certain


returns.


› Real Estate: The Fund was tilted toward the residential, shopping center and net

lease sectors and away from malls, office and lodging.

› Infrastructure: The Fund was positioned with underweights to airports, marine ports

and pipelines, and overweights to gas utilities and toll roads. The Fund had an

overweight to Emerging Markets and the U.K. and an underweight to North America

and EMEA ex U.K.

› Natural Resources: The Fund was overweight to semiconductors, steel and

upstream energy, and underweight to gold and paper.



Real Estate +

Strong stock selection in office and an

underweight to malls were the largest contributors

to outperformance.

Infrastructure +

The underweight positions and stock selection in

the airport and pipelines sectors drove

outperformance over the year. The out-of-

benchmark investment in communication

companies also contributed positively to

performance.

Natural Resources +

Stock selection in the energy sector, particularly in

the integrated oil & gas refining sub-sectors,

generated a majority of outperformance over this

time period.



Real Estate +Security selection was strongest in the health

care, storage and shopping centers.

Infrastructure -

Exposure to out-of-benchmark communication

and railroads sectors drove underperformance

over the quarter.

Natural Resources +

Security selection in the materials and energy and

drove meaningful outperformance over the

quarter.

Russell Positioning

Strategies+

The Russell positioning sleeve outperformed the

benchmark during the quarter. Benefitting

performance was the overweight to materials and

underweight to real estate.

.

.



1. The Fund is managed to a blended benchmark: 40% FTSE NAREIT Equity REIT Index, 30% S&P Global Infrastructure Index, 30% S&P Natural Resources Index.




96RIC Tax-Managed Real Assets FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of



Real Estate $134.53 20.50% 25.34%

RREEF America L.L.C. $134.53 20.50% 25.34% - - - --- --- Jun-19

Infrastructure $92.60 20.50% 17.44%

First Sentier Investors (Australia) IM Limited $92.60 20.50% 17.44% - + + --- --- Jun-19

Natural Resources $163.37 27.50% 30.78%

Grantham, Mayo, Van Otterloo & Co. LLC $163.37 27.50% 30.78% + + + --- --- Jun-19

RIM $140.35 29.50% 26.44%

Russell Investment Management, LLC1 $140.35 29.50% 26.44% + + + --- --- Jun-19

Fund Benchmark

Tax-Managed Real Assets Blended Benchmark 18.79% 3.89% 3.89% --- ---


97RIC Tax-Managed Real Assets Fund Appendix: Fourth Quarter 2020




Real estate:

• Property sector selection: The Fund is tilted toward the lodging, malls, residential and

storage sectors, and away from office and shopping centers. The portfolio favors

property types with stronger underlying fundamentals and growth potential, rather than

seeking to maximize yield. During the quarter, the Fund’s exposure to lodging and malls

increased while exposure to industrial, shopping centers and data centers was reduced.

• Quality: The Fund remains overweight to quality, as companies with stronger balance

sheets and management teams tend to be rewarded over the longer term.

Infrastructure:

• Sector allocation: The Fund has material underweight positions in airports, marine ports

and pipelines, with overweight positions in toll roads, gas utilities and railroads. The

Fund maintained a significant allocation to out-of-index sectors, including a significant

position in gas utilities and some freight rail exposure. During the quarter, the position in

the water utilities and railroads sectors increased while the gas utilities and airport

services sectors decreased.

• Country allocation: The Fund remains positioned with an overweight to North America,

Japan and the U.K, and underweights to Asia Pac ex Japan. During the quarter,

positions in EMEA ex UK and Japan were increased while Emerging Markets and the

U.K. were reduced.

• Size: The Fund remains underweight the size factor, as we have a strategic preference

for being overweight smaller companies within the benchmark.

Natural Resources:

• Sector Allocation: The Fund is overweight upstream energy and industrials as well as

holding significant out-of-benchmark positions in solar energy. Gold, paper and big oil

remain the key underweights. During the quarter, the fund’s exposure to consumer

staples and upstream energy increased while positions in materials decreased.

• Country Selection: Key positions include the overweight to Emerging Markets and

underweight to North America. During the quarter, the fund’s exposure to the U.S. was

reduced while exposure to Emerging Markets increased.

FUND-LEVEL REGION POSITIONING2

-0.3%

1.5%

2.4%

1.5%

0.0%

-0.3%

1.6%

-1.4%

-4.8%

-1.3%

1.0%

-10.0% 0.0% 10.0%


Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Other

-1.8%

-1.4%

7.5%

0.5%

-5.9%

1.2%

-15.0% -5.0% 5.0% 15.0%


Emea Ex-UK

Emerging Markets

Japan

North America

United Kingdom

FUND-LEVEL SECTOR POSITIONING1


RIC Tax-Managed U.S. Mid & Small Cap Fund 4Q2020 Performance Summary

.

.

99RIC Tax-Managed U.S. Mid & Small Cap FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS

Security selection is a primary source of excess returns within the Tax-

Managed U.S. Mid & Small Cap Fund, although RIM believes that

emphasizing certain factors over the course of a market cycle can offer higher

benchmark-relative returns. For the equity funds, this means RIM is more

likely to include securities with lower valuation, higher quality, positive

earnings momentum, lower market capitalization, and less volatility.



benchmark.

› Factor Allocation: The Fund had higher value and quality, and lower

volatility and momentum characteristics than the benchmark.

› Sector Allocation: The Fund was overweight to the financials and

consumer discretionary sectors. It was underweight to the health care and

real estate sectors.



Factor

Allocation-


valuation and higher profitability were not additive

over the year.

Sector

Allocation+

An underweight to the real estate sector and an

overweight to the information technology sector were

rewarded.

Stock

Selection-

Selection within the health care, information

technology, and communication services sectors was

the primary driver of underperformance.



Factor

AllocationFlat

The Fund’s tilt toward companies with lower

valuation was rewarded over the quarter.

However, the Fund’s underweight to more

unprofitable stocks detracted.

Sector

Allocation+

Underweights to the real estate and health care

sectors were beneficial.

Stock

Selection-

Security selection within the information

technology, health care, and materials sectors was

the primary driver of underperformance



Since Inception


Tax-Managed U.S. Mid & Small Cap Fund 26.25% 15.34% 15.34% 9.30% 11.44% 10.46% 7.41% Nov 30, 1999 1.29% 1.20%

Russell 2500™ Index 27.41% 19.99% 19.99% 11.33% 13.64% 11.97% 9.69%






100RIC Tax-Managed U.S. Mid & Small Cap FundPerformance Summary: Fourth Quarter 2020



Return

FUND UPDATES

During the quarter, Falcon Point Capital, LLC was terminated and Polen Capital Management, LLC was hired.

AUM Target % of

Total Fund Weight Fund Inception

$1,071.40 97.0% 100.0% 4th Qtr YTD 1 YR 3 YR 5 YR Date

Value Style $285.56 20.50% 26.65%

Cardinal Capital Management LLC $132.46 10.50% 12.36% + --- --- --- --- Jan-20

Snow Capital Management, L.P. $153.10 10.00% 14.29% + - - - --- Apr-16


Ancora Advisors, LLC $127.80 10.50% 11.93% + - - - --- Aug-17

Copeland Capital Management, LLC $64.88 8.00% 6.06% - - - flat --- Dec-17

Growth Style $153.15 18.00% 14.29%

Polen Capital Management $62.54 9.00% 5.84% --- --- --- --- --- Oct-20

Summit Creek Advisors, LLC $90.62 9.00% 8.46% - + + + + Jan-10

RIM $440.00 40.00% 41.07%

Russell Investment Management, LLC (Tax

& Positioning Strategy)1 $440.00 40.00% 41.07% + - - - - Jun-14

Fund Benchmark

Russell 2500™ Index 27.41% 19.99% 19.99% 11.33% 13.64%

PERFORMANCE AT A GLANCEPeriod Ending December 31, 2020

Annualized Return


101RIC Tax-Managed U.S. Mid & Small Cap Fund Appendix: Fourth Quarter 2020




3. Beta Characteristics: R2500TM Index is compared against the R3000® Index. The Fund is compared against the R2500TM Index.

0.7%

2.5%

-0.2%

-0.3%

2.9%

-2.2%

-1.0%

0.4%

0.7%

-2.8%

-0.6%

-10.0% 0.0% 10.0%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position






• Relative to the benchmark, the Fund has a slight pro-cyclical tilt and is positioned toward

value, quality, and lower size factors. This is in recognition of current valuation

opportunities, cycle considerations, and the risk of elevated levels of corporate debt and

unprofitability among U.S. small and mid cap companies.











.

.

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

Russell 2500™ Index Fund Fund


P/E 20.3 19.7 17.5

LT Growth Med 10.8 10.1 10.0

PEG 1.9 2.0 1.8

5yr EPS Growth 7.6 10.1 10.4



Beta3 1.3 1.0 1.0

Active Risk 3.0 2.8


Wt Med Mkt Cap (bil) $5.57 $4.61 $3.98



December 31, 2020


RIC U.S. Dynamic Equity Fund 4Q2020 Performance Summary

.

.

Since Inception


U.S. Dynamic Equity Fund 19.53% 22.43% 22.43% 11.54% 13.82% 12.82% 5.53% Jan 31, 2001 1.52% 1.24%

Russell 1000® Dynamic Index 18.67% 27.69% 27.69% 15.23% 16.38% 13.81% 6.96%


103RIC U.S. Dynamic Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Dynamic Equity Fund, although RIM believes that emphasizing certain factors







benchmark.

› Factor Allocation: The Fund had higher value and quality, and lower

momentum and volatility characteristics than the benchmark.


and communication services sectors. It was underweight to the real estate

and utilities sectors.



Value -

The Fund's tilt toward stocks with below

benchmark valuation ratios detracted from

performance over the one year period.

Sector

Allocation+

An overweight to the information technology sector

and an underweight to the consumer staples

sector were rewarded.

Stock

Selection-


information technology sectors was a meaningful

driver of underperformance.



Value +The Fund's tilt toward stocks with low valuation

was beneficial over the quarter.

Sector

Allocation+

Underweights to the utilities and real estate

sectors were rewarded.

Stock

Selection+

Selection within the energy and industrials sectors

was the primary driver of outperformance.






104RIC U.S. Dynamic Equity FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of



Market-Oriented Style $42.52 25.00% 26.97%

Jacobs Levy Equity Management, Inc. $42.52 25.00% 26.97% + - - - flat Jun-14

Growth Style $51.96 30.00% 32.95%

Jackson Square Partners, LLC. $51.96 30.00% 32.95% - + + --- --- Feb-19

Value Style $23.64 20.00% 15.00%

Pzena Investment Management, LLC $23.64 20.00% 15.00% + - - - - Aug-15

RIM $39.55 22.00% 25.08%

Russell Investment Management, LLC1 $39.55 22.00% 25.08% - + + + + Jun-14

Fund Benchmark

Russell 1000® Dynamic Index 18.67% 27.69% 27.69% 15.23% 16.38%


105RIC U.S. Dynamic Equity Fund Appendix: Fourth Quarter 2020




3.5%

-2.6%

-0.7%

0.1%

-1.1%

0.6%

-1.1%

6.5%

-0.6%

-2.0%

-2.6%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position



• The Fund continues to be dynamically managed in alignment with Russell Investments’ cycle,

valuation, sentiment framework as well as to take advantage of tactical opportunities within

each manager’s excess return cycle.

• Overall, RIM has a slight pro-cyclical tilt with overweights to value and quality. Additionally,

RIM has underweights to size and momentum.

• Multiple COVID-19 vaccines were found to be highly effective and approved for emergency

use in the United States and Europe in December. Markets overlooked virus outbreaks that

intensified through the holiday period as vaccine rollouts should ensure a strong economic and

earnings rebound through the middle of 2021.





underlying active managers, based on their long-term assessment of each individual company,

continues to be the primary driver of the Fund’s expected risk and return.VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH

Russell 1000® Dynamic

IndexFund Fund


P/E 23.7 23.0 23.0

LT Growth Med 13.1 13.4 11.7

PEG 1.8 1.7 2.0

5yr EPS Growth 6.8 11.3 10.6



Beta 1.2 1.0 1.0

Active Risk 3.2 3.4




December 31, 2020



RIC U.S. Strategic Equity Fund 4Q2020 Performance Summary

.

.

Since Inception


U.S. Strategic Equity Fund 15.87% 23.73% 23.73% 13.31% 14.39% --- 13.87% Aug 06, 2012 1.02% 0.74%

Russell 1000® Index 13.69% 20.96% 20.96% 14.82% 15.60% --- 15.13%


107RIC U.S. Strategic Equity FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Strategic Equity Fund, although RIM believes that emphasizing certain factors







benchmark.

› Factor Allocation: The Fund had higher value and growth, and lower size

and momentum characteristics than the benchmark.


and health care sectors. It was underweight to the consumer staples and

real estate sectors.



Factor

Allocation+


year, especially tilts toward stocks with higher

growth and lower leverage.

Sector

Allocation+

Underweights to the industrials and real estate

sectors were additive to relative performance.

Stock

Selection+

Selection within the information technology,

materials, and communication services sectors

was a meaningful driver of outperformance.



Factor

Allocation+


quarter, including tilts toward companies with

lower valuation and lower market capitalization.

Sector

AllocationFlat

An underweight to the consumer staples sector

was rewarded while an underweight to the energy

sector detracted.

Stock

Selection+

Selection within the information technology, health

care, and financials sectors was the primary driver

of outperformance.

.

.







108RIC U.S. Strategic Equity FundPerformance Summary: Fourth Quarter 2020




Return

FUND UPDATES


AUM Target % of



Value Style $720.97 30.00% 22.62%

Brandywine Global Investment Management LLC $720.97 30.00% 22.62% + - - - - Sep-15

Growth Style $1,248.83 30.00% 39.18%

Jackson Square Partners, LLC. $1,248.83 30.00% 39.18% + + + --- --- Feb-19

RIM $1,217.92 37.00% 38.21%

Russell Investment Management, LLC1 $1,217.92 37.00% 38.21% - - - - - Apr-14

Fund Benchmark

Russell 1000® Index 13.69% 20.96% 20.96% 14.82% 15.60%


STYLE-LEVEL PERFORMANCE TABLE

109RIC U.S. Strategic Equity Fund Appendix: Fourth Quarter 2020




0.1%

0.8%

-2.3%

-1.1%

-0.5%

2.1%

-0.6%

3.1%

0.8%

-1.7%

-0.7%

-10.0% 0.0% 10.0%



Consumer Staples

Energy

Financials

Health Care

Industrials


Materials

Real Estate

Utilities

Strategic Position

Current Position

VOLATILITY

LOW HIGH

LOW HIGH

VALUE

LOW HIGH

MOMENTUM

QUALITY

SIZE

SMALL LARGE

LOW HIGH



• The Fund continues to be dynamically managed in alignment with Russell

Investments’ cycle, valuation, sentiment framework as well as to take

advantage of tactical opportunities within each manager’s excess return cycle.

• Overall, RIM has a slight pro-cyclical tilt with an overweight to value while

maintaining approximately neutral growth exposure for a more core positioning.

Additionally, RIM has an underweight to size.

• Multiple COVID-19 vaccines were found to be highly effective and approved

for emergency use in the United States and Europe in December. Markets

overlooked virus outbreaks that intensified through the holiday period as

vaccine rollouts should ensure a strong economic and earnings rebound

through the middle of 2021.

• The U.S. Congress passed another massive $908bn stimulus package to help

bridge households and businesses to the point where vaccines allow us to

sustain a stronger and more normalized economy again.

• In alignment with Russell Investments’ strategic equity beliefs, stock selection

of the underlying active managers, based on their long-term assessment of

each individual company, continues to be the primary driver of the Fund’s

expected risk and return.



P/E 25.3 25.5 24.7

LT Growth Med 12.2 12.8 12.0

PEG 2.1 2.0 2.1

5yr EPS Growth 11.4 13.5 13.1



Beta 1.0 1.0 1.0

Active Risk 2.9 2.9





December 31, 2020


RIC Unconstrained Total Return Fund 4Q2020 Performance Summary

.

.

111RIC Unconstrained Total Return FundPerformance Summary: Fourth Quarter 2020

STRATEGIC BELIEFS


Unconstrained Total Return Fund, although RIM believes that emphasizing certain


returns. For the fixed income funds, this means RIM is more likely to include

securities with more credit risk, longer duration, and higher real yield. In addition,

RIM also invests in currency to provide additional return potential and added

diversification.


› The Fund had approximately 55% exposure to the core yield engine,

overweight its strategic weight.

› The Fund had an underweight to diversifiers, but with an overweight to

cash.

› The Fund was slightly below its target on opportunistic strategies.



Core Yield

Engine+

By the end of the year the short duration high yield component

was positive for the 12-month period, erasing the losses from

Q1 and finishing ahead of benchmark. Loans were weaker, but

rallied back most of the way finishing the period slightly

negative.

Opportunistic -

The drawdown during the crisis was substantial and the

commercial mortgage sector was slow to recover given the

direct impacts of the shutdown to the underlying industries.

The 12 month returns remain well below benchmark.

Diversifying

Strategies +

Performance in diversifying strategies was mixed over the past

year. The Rates Value strategy was positive as being long U.S.

and Canada rates were the primary contributors as yields fell

dramatically in the first half of the year. Volatility was also a

positive contributor while in the portfolio as it had a positive

impact in Q1. The currency strategy saw drawdown as Carry

and Trend performed poorly during the pandemic before the

exposure was removed.



Core Yield

Engine+

The core yield engine continued to be the driver of

portfolio performance as risk markets rallied further

on positive vaccine news and further fiscal and

monetary support. The ICE BofA Global High Yield

Constrained Index returned 7.45% while the CS

Leveraged Loan Index was up 3.64%.

Opportunistic

Strategies+

News around upcoming vaccines were a positive

catalyst for the commercial mortgage sector, which

had not previously rallied along with other risk

markets. Prepayment strategies were also positive

during the quarter.

Diversifiers -The rates strategy saw a drawdown, primarily as a

result of rising yields in Australia.


Since Inception


Unconstrained Total Return Fund 2.78% -1.53% -1.53% 1.98% --- --- 1.98% Sep 22, 2016 1.42% 0.88%

ICE BofAML 3-month U.S. Treasury Bill Index 0.03% 0.67% 0.67% 1.61% --- --- 1.35%



DRIVERS OF PERFORMANCE†,(b)


(detracted). Returns are for Class S shares at NAV. †,(b) See Disclosures page (†) for discussion of Net Annual Operating Expense Ratios.

112RIC Unconstrained Total Return FundPerformance Summary: Fourth Quarter 2020


1. Key reflects RIM’s satisfaction of advisor performance relative to the Fund’s index performance: + (positive satisfaction), Flat (results within +/-0.25% of Fund index performance),

– (negative satisfaction)

FUND UPDATES

H2O AM LLP (“H2O) was removed.

AUM Target % of



Opportunistic $135.76 20.00% 25.71%

Putnam Investment Management LLC $135.76 20.00% 25.71% + - - flat --- Sep-16

Yield $392.22 50.00% 74.29%

Hermes Investment Management Limited $250.37 30.00% 47.42% + + + --- --- Nov-19

First Eagle Alternative Credit, LLC $141.85 20.00% 26.87% + - - + --- Sep-16

Fund Benchmark

ICE BofAML 3 Month Treasury Bill Index 0.03% 0.67% 0.67% 1.61% ---


Annualized Return

113RIC Unconstrained Total Return Fund Appendix: Fourth Quarter 2020




3. Total active risk includes idiosyncratic risk. Credit, rates, and currency will not necessarily sum to the total.

Strategic Position

Current Position



Opportunistic Strategies (Manager): The Fund’s current allocation moved slightly below the strategic

allocation to mortgage risk as despite improved news from vaccines, the timing of recovery remains

somewhat uncertain as rollouts commence. The Putnam strategy exposes the Fund to a distinct

combination of risk factors across a variety of security types that we believe have good return potential and

excellent diversification characteristics. While the short-term volatility is may continue, current valuations

look potentially attractive.

Core Yield engine (credit): Credit exposure remained unchanged at 55%, sitting above the strategic

target. Expectations are that the rollout of vaccines globally, along with the continued monetary and fiscal

support, will ultimately support credit markets.

Diversifiers (currency, real yield, volatility): Global Real Rates sits below its target weight. This strategy

continues to play a key role in diversifying the Fund’s return profile. Cash levels are high once again after

the removal of H2O.

BoAML 3 Month

U.S. Treasury Bill

Index Fund Fund




DTS 0.0 10.3 12.8


Rates 0.2 0.2

Currency 0.0 0.0

Credit 5.4 6.9


December 31, 2020

SHORT LONG

DURATION

UNDER OVER

CREDIT

CURRENCY

REAL YIELD

LOW HIGH

SHORT LONG


Documents

Quarterly Fund Review - Russell Investments...Quarterly Fund Review 3Q2020 Russell Investment Company Funds (Class S) 2 Disclosures Fund objectives, risks, charges and expenses should