U.S. EQUITY FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Equity Income Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Sustainable Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

U.S. Dynamic Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

U.S. Strategic Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

U.S. Small Cap Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

INTERNATIONAL & GLOBAL EQUITY FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

International Developed Markets Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Global Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Emerging Markets Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

TAX-MANAGED EQUITY FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Tax-Managed U.S. Large Cap Fund |

A, C, C1, M, P, S, T Shares | | | | | |

Information Statements and Notices |

Tax-Managed U.S. Mid & Small Cap Fund |

A, C, C1, M, P, S, T Shares | | | | | |

Information Statements and Notices |

Tax-Managed International Equity Fund |

A, C, C1, M, P, S, T Shares | | | | | |

Information Statements and Notices |

Tax-Managed Real Assets Fund |

A, C, C1, M, P, S, T Shares | | | | | |

FIXED INCOME FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Opportunistic Credit Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Unconstrained Total Return Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Strategic Bond Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Investment Grade Bond Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Short Duration Bond Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

TAX-EXEMPT FIXED INCOME FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Tax-Exempt High Yield Bond Fund |

A, C, C1, M, P, S, T Shares | | | | | |

Information Statements and Notices |

Tax-Exempt Bond Fund |

A, C, C1, M, P, S, T Shares | | | | | |

Information Statements and Notices |

ALTERNATIVE FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Commodity Strategies Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Global Infrastructure Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Global Real Estate Securities Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Real Assets Fund |

A, C, C1, M, P, R6, S, T Shares | | | | -- | -- |

SPECIALTY FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Multi-Strategy Income Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Multi-Asset Growth Strategy Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

MULTIFACTOR FUNDS | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Multifactor U.S. Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Information Statements and Notices |

Multifactor International Equity Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | |

Multifactor Bond Fund |

A, C, C1, M, P, R6, S, T, Y Shares | | Purchase of Class Y Shares requires a current selling agreement with Russell and there is a $10 million required minimum initial investment for each account in each Fund. | | | -- |

LIFEPOINTSÂ® FUNDS TARGET PORTFOLIO SERIES | Summary Prospectus | Prospectus | Statement of additional information | Semiannual report | Annual report |

Conservative Strategy Fund |

A, C, C1, M, P, R1, R4, R5, S, T Shares | | | | | |

Information Statements and Notices |

Moderate Strategy Fund |

A, C, C1, M, P, R1, R4, R5, S, T Shares | | | | | |

Information Statements and Notices |

Balanced Strategy Fund |

A, C, C1, M, P, R1, R4, R5, S, T Shares | | | | | |

Information Statements and Notices |

Growth Strategy Fund |

A, C, C1, M, P, R1, R4, R5, S, T Shares | | | | | |

Information Statements and Notices |

Equity Growth Strategy Fund |

A, C, C1, M, P, R1, R4, R5, S, T Shares | | | | | |

Information Statements and Notices |