Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus borrowings in small-cap equity securities economically tied to the U.S., primarily common stocks of small-cap U.S. companies, including some micro-cap. Small cap is defined by the Russell 2000 Index or its market-cap range. It may invest in common and preferred stocks, partnership interests, and equity-equivalent instruments such as futures contracts. The fund may employ long-short equity strategies and may sell securities short, and it may invest in derivative instruments and use derivatives to take both long and short positions. Management uses a multi-style, multi-manager approach overseen by Russell Investment Management, which may adjust allocations and use quantitative, rules-based, or index-based strategies. The fund may invest a portion of its assets in securities of companies known as real estate investment trusts (REITs).