The Fund aims to generate a return in excess of inflation Consumer Price Index over the long term 5 to 6 years. Capital invested in the Fund is at risk and there is no guarantee that that the investment objective will be met over the 5 to 6 year investment period or in respect of any other period.
David was also a core member of the investment policy committee that set the asset allocation and investment strategy for the firm. He was made a partner in David started his career in the asset management industry in Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges.
Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your investment can go down as well as up so you might get back less than you put in. This factsheet is for information purposes only. If there is information or terminology included that you would like to discuss, then please contact an adviser.
Investors should refer to their policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. Registered number Fund Aims The Fund aims to generate a return in excess of inflation Consumer Price Index over the long term 5 to 6 years.
Fund Manager David Vickers manager for 5 years. Important Information Source of portfolio data: Broadridge. Bond Sector Breakdown. Expand all Collapse all. Please continue with grant applications — however please scan and email in any supporting documents. Our offices are closed for the time being, and we cannot receive mail — so please do not post any supporting documents.
We aim to be as helpful as possible over the coming weeks - so our grantees can focus on supporting communities. Alongside continuing to deliver all our community funds and published grant-making programmes, we are taking the following steps:.
Through their partnership with Foundation Scotland, the Russell Investments Fund is keen to support charities and community groups in the areas that their staff live and work. Site managed by. Important Message On Coronavirus Foundation Scotland — We are open Reassurance on supporting communities, charities and social enterprises following the impact of Coronavirus Foundation Scotland appreciate that the Coronavirus situation will have a big impact on communities.
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That's why we donate millions of dollars each year to help improve the quality of life for people in our cities and neighborhoods in the areas of:. But we're not just making a difference as a company. Our employees throughout the world contribute their time, talent and dollars to thousands of worthy causes.
We are constantly inspired by their passion and energy. Improving financial literacy and providing children with the means to succeed in life—these are the priorities that lead Russell Investments's Focused Giving program globally. Through giving committees, personal contributions, corporate matches and volunteering, our associates respond to needs in our communities around the world.
Russell Investments remains committed to giving back to the communities in which we operate and supporting our associates in their efforts to do so. This year, Russell Investments will focus its resources on matching grants for associates' contributions and strategic partnerships.
Company financial performance will determine future grants. As always, Russell Investments is steadfast in its genuine focus on people and improving the quality of life in communities where associates live and where we do business. The information on this website is only intended for use by professional clients, regulated financial advisers and intermediaries who are knowledgeable and experienced in the financial services market and in investment products of this nature. If you are a retail or individual investor then please leave this website immediately and consult your financial adviser.
You should not use this website unless you understand its nature and the extent of your exposure to risk. You should also be satisfied that the website and investments are suitable for your client in light of their circumstances and financial position.
The information contained on this website is for information purposes only and you should not take it as constituting an offer, solicitation, inducement, commitment or invitation to subscribe for or to purchase, sell or hold any interest in any of the investments mentioned herein. This website is not intended for distribution or use by anyone in any jurisdiction in which such distribution or use would be prohibited. Nothing on this website or in the materials referred to therein constitutes, or is intended to constitute, financial, tax, legal or other advice.
The value of investments, and the income from them, can go down as well as up and you may get back less than the amount invested. Any past performance figures are not necessarily a guide to future performance. The website may contain forward-looking statements, which are based on a number of assumptions regarding present and future business strategies, which may or may not prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future performance. Issued by Russell Investments Limited. Company No. All reasonable care has been taken by us to ensure that the information contained on this website is accurate at the time of publication. However, we accept no responsibility for the accuracy, adequacy or completeness of the information and materials contained on this website and expressly disclaim liability for errors or omissions in such information and materials.
Fees paid to the money managers are not affected by any voluntary or statutory expense limitations. Some money managers may benefit as a result of brokerage commissions received by their broker-dealer affiliates that execute portfolio transactions for the Funds. Russell Financial Services, Inc. The Distributor distributes shares of the Funds of Funds continuously, but reserves the right to suspend or discontinue distribution on that basis.
The Distributor is not obligated to sell any specific amount of Fund of Funds shares. RFSC retains a portion of this fee for its services provided to RIC and pays the balance to unaffiliated agents who assist in providing these services. With respect to those intermediaries, RIC will be deemed to have received a purchase or redemption order at the time such a Financial Intermediary or, if applicable, an authorized designee, accepts the order.
PricewaterhouseCoopers LLP is responsible for performing annual audits of the financial statements and financial highlights of the Funds in accordance with the auditing standards of the Public Company Accounting Oversight Board and a review of federal tax returns. These Codes permit personnel subject to the Codes to invest in securities, which may include securities in which the Underlying Funds can invest.
Personal investments are subject to the regulatory and disclosure provisions of the respective Codes. Are investments in securities owned. AllianceBernstein L. Armstrong Shaw Associates Inc. Arnhold and S. Bleichroeder Advisers, LLC. Arrowstreet Capital, Limited Partnership. Chartwell Investment Partners. Columbus Circle Investors. Delphi Management, Inc. Gartmore Global Partners. Goldman Sachs Asset Management, L. Harding, Loevner Management, L. Harris Associates, L. Hyperion Brookfield Asset Management, Inc.
Institutional Capital LLC. Morgan Investment Management Inc. Jacobs Levy Equity Management, Inc. Logan Circle Partners, L. Mondrian Investment Partners Ltd. Netols Asset Management, Inc. PanAgora Asset Management, Inc. Ranger Investment Management, L.
Russell Investment Management Company. Sands Capital Management, Inc. Schneider Capital Management Corporation. Rowe Price International, Inc. Transamerica Investment Partners, Inc. Turner Investment Partners, Inc. Tygh Capital Management, Inc. Western Asset Management Company. Western Asset Management Company Limited.
Although each of the LifePoints Target Distribution Strategies Funds offers only one class of shares, those Funds are subject to the Rule 18f-3 Plan as the Rule 18f-3 Plan sets forth the rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions of each such class. Table of Contents asset retention for those Funds of Funds by enabling those Funds of Funds to reach and retain more investors and Financial Intermediaries such as brokers, banks, financial planners, investment advisers and other financial institutions , although it is impossible to know for certain, in the absence of a Distribution Plan or under an alternative distribution arrangement, the level of sales and asset retention that a particular Fund of Funds would have.
The Distribution Plan is a compensation-type plan. However, the Distributor may be able to recover such amount or may earn a profit from future payments made by RIC under the Distribution Plan. Such payments by RIC will be calculated daily and paid as billed.
For the Funds of Funds, the Distribution Plan does not provide for those Funds of Funds to be charged for interest, carrying or any other financing charges on any distribution expenses carried forward to subsequent years. A quarterly report of the amounts expended under the Distribution Plan, and the purposes for which such expenditures are incurred, must be made to the Trustees for their review.
To remain in effect, the Distribution Plan must be approved annually by a vote of the Trustees, including a majority of the Independent Trustees. Also, any material amendments must be approved by a vote of the Trustees, including a majority of the Independent Trustees. While the Distribution Plan is in effect, the selection and nomination of the Independent Trustees shall be committed to the discretion of such Independent Trustees. Table of Contents Strategy Fund.
Whenever an expense can be attributed to a particular Underlying Fund, the expense is charged to that Underlying Fund. Other common expenses are allocated among the Underlying Funds based primarily upon their relative net assets. Each Fund of Funds is expected to have a low operating expense ratio although, as a shareholder of the Underlying Funds, each Fund of Funds indirectly bears its pro rata share of the advisory fees charged to, and expenses of operating, the Underlying Funds in which it invests.
RIMCo and RFSC have agreed to waive certain of their fees and reimburse the Funds for certain direct operating expenses other than Rule 12b-1 distribution fees, shareholder servicing fees, non-recurring expenses and extraordinary expenses. As described in the Prospectus, the Funds of Funds provide you with different classes of shares based upon your individual investment needs.
Table of Contents Each class of shares of a Fund of Funds represents an interest in the same portfolio of investments. Each class is identical in all respects except that each class bears its own class expenses, including distribution and service fees, and each class has exclusive voting rights with respect to any distribution or service plan applicable to its shares.
As a result of the differences in the expenses borne by each class of shares, net income per share, dividends per share and net asset value per share will vary for each class of shares. There are no conversion, preemptive or other subscription rights. Shareholders of each class will share expenses proportionately for services that are received equally by all shareholders.
A particular class of shares will bear only those expenses that are directly attributable to that class, where the type or amount of services received by a class varies from one class to another. The following classes of shares are available for purchase.
Each Fund reserves the right to change the categories of investors eligible to purchase its Shares. Amount of your investment. Commissions are paid based on cumulative purchases by a shareholder over time, not on purchases made during a calendar year. Sales Charge Waivers and Reductions. Financial Intermediaries will receive no shareholder services or distribution fees for Class S shares.
Financial Intermediaries will receive no shareholder services or distribution fees for Class R1 shares. Russell believes that an exchange between classes of the same Fund is not a taxable event, however please consult with your tax adviser for more information.
It is the sole responsibility of each Financial Intermediary to ensure that it only makes Class S and E Shares available to those categories of investors listed above that qualify for access to Class S and E Shares. However, the Funds of Funds will not knowingly sell Class S or E Shares to any investor not meeting one of the foregoing criteria. Minimum Initial Investment Requirements.
Please make sure you promptly cash checks issued to you by the Funds of Funds. If you do not cash a dividend, distribution, or redemption check, the Funds of Funds will act to protect themselves and you. This may include restricting certain activities in your account until the Funds of Funds are sure that they have a valid address for you.
After days, the Funds of Funds will no longer honor the issued check and, after attempts to locate you, the Funds of Funds will follow governing escheatment regulations in disposition of check proceeds. No interest will accrue on amounts represented by uncashed checks. The net asset value per share of each Class of Shares is calculated separately for each Fund of Funds on each business day on which Shares are offered or orders to redeem are tendered.
A business day is one on which the New York Stock Exchange is open for regular trading. The portfolio turnover rate for each Fund of Funds is calculated by dividing the lesser of purchases or sales of Underlying Fund Shares for the particular year, by the monthly average value of the Underlying Fund Shares owned by the Funds of Funds during the year.
These portfolio holdings disclosure policies have been approved by the Board of Trustees. Disclosures of portfolio holdings information may only be made pursuant to these Board-approved policies and procedures. Disclosure of a Fund of Funds portfolio holdings may only occur if such disclosure is consistent with the anti-fraud provisions of the federal securities laws and the fiduciary duties of the Fund of Funds and its adviser.
Disclosure is permissible only when a Fund of Funds, as determined by the Board of Trustees or Chief Compliance Officer, has legitimate business purposes for such disclosure and the recipients are subject to a written confidentiality agreement, which includes a duty not to trade on non-public information. Public Disclosures of Portfolio Holdings Information. Portfolio managers and other senior officers or spokespersons of the Funds of Funds may disclose or confirm the ownership of any individual portfolio holdings position to reporters, brokers, shareholders, consultants or other interested persons only if such information has been previously publicly disclosed in accordance with the portfolio holdings disclosure policies.
RIMCo and the money managers may periodically distribute lists of applicable investments held by the Funds of Funds for the purpose of facilitating management of the Funds of Funds portfolios and receipt of relevant research. All such waivers and exceptions by the Chief Compliance Officer will be disclosed to the Board of Trustees no later than its next regularly scheduled quarterly meeting.
The following are examples of certain types of issues that are covered in the Guidelines and how the proxies are generally voted. Proxies will generally be voted for routine agenda items such as the opening of the shareholder meeting; the presence of quorum; regulatory filings; the designation of inspector or shareholder representatives of minutes of meeting; the allowance of questions; the publication of minutes; and the closing of the shareholder meeting.
If the company does not have any preferred shares outstanding, proxies will generally be voted against the requested authorization unless the Administrator recommends a vote for, in which case such vote will be determined on a case-by-case basis.
Generally, proxies are voted for executive and director stock option plans unless the Administrator recommends a vote against such matter, in which case additional criteria specified in the Guidelines will apply and such vote may be determined on a case-by-case basis. In connection with social and environmental matters, proxies will generally be voted for management social, political or environmental proposals unless the Administrator recommends a vote against such matter, in which case such vote will be determined on a case-by-case basis.
However, in regards to shareholder social, political, nuclear safety, land use, ecological or environmental proposals, proxies will be registered as abstentions. Where a voting matter is not specifically addressed in the Guidelines or there is a question as to the outcome, the Administrator is obligated to request additional direction from the Committee. The Administrator is obligated to maintain records of all votes received, all votes cast and other relevant information.
Subject to the arrangements and provisions described below, the selection of a broker or dealer to execute portfolio transactions is made either by the money manager of the Underlying Fund or by RIMCo. In assessing whether the best overall terms have been obtained, RIMCo and the money managers are not obligated to select the broker offering the lowest commission. Trades placed through LJR and its correspondents are used to generate commission rebates to the Underlying Funds on whose behalf the trades were made.
In addition, RIMCo recommends targets for the amount of trading that money managers allocate through LJR based upon asset class, investment style and other factors. LJR retains a portion of all commissions generated to provide commission recapture to the Funds. Trades through RIS for transition services and manager funding i. Additionally, a money manager for the Underlying Funds may independently effect transactions through RIS, LJR or a broker affiliated with the money manager or another money manager to obtain research services for its own use.
Research services provided to a money manager are required by law to benefit the Underlying Fund generating the trading activity but may also benefit other funds and clients managed or advised by the money manager. Similarly, the Underlying Funds may benefit from research services provided with respect to trading by those other funds and clients.
The Short Duration Bond and Money Market Funds normally do not pay a stated brokerage commission on transactions, but may pay brokerage commissions on trading associated with changes in money managers. The research services included industry and company analysis, portfolio strategy reports, economic analysis, and statistical data pertaining to the capital markets. David J. Greene and Company, LLC. Russell Implementation Services, Inc. Goldman Sachs. UBS Asset Management.
Global Equity. Other policies and restrictions may be changed by a Fund of Funds without shareholder approval. Each Fund of Funds is subject to the following fundamental investment restrictions. Unless otherwise noted, these restrictions apply on a Fund-by-Fund basis at the time an investment is being made. The fundamental investment restrictions of the Underlying Funds are listed in the next section.
Investments in other investment companies shall not be considered an investment in any particular industry or group of industries for purposes of this investment restriction. This investment restriction shall not apply to securities issued or guaranteed by the U. Because of their investment objectives and policies, investments of the Fund of Funds will be concentrated in shares of the Underlying Funds and, therefore, in the mutual fund industry. The Real Estate Securities Fund may invest in the securities of companies directly or indirectly engaged in the real estate industry without limitation as to concentration.
Purchase or sell real estate; provided that each Fund of Funds may invest in the Real Estate Securities Fund, which may own securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein. Purchase or sell commodities except that a Fund of Funds may purchase or sell currencies, may enter into futures contracts on securities, currencies and other indices or any other financial instruments, and may purchase and sell options on such futures contracts.
Borrow money, except that a Fund of Funds may borrow money to the extent permitted by the Act, or to the extent permitted by any exemptions therefrom which may be granted by the SEC. Act as an underwriter except to the extent a Fund of Funds may be deemed to be an underwriter when disposing of securities it owns or when selling its own shares.
With regards to investment restriction 4, above, this restriction applies constantly and not only at the time a borrowing is made. With regards to investment restriction 1, above, the statement that the Funds of Funds will be concentrated in the mutual fund industry means that the Funds of Funds will only invest in shares of other mutual funds. Each Fund of Funds will also not be concentrated, within the meaning of the Act, in securities of issuers of a particular industry or group of industries, if the portfolio securities of the Underlying Funds were deemed to be owned directly by the Fund of Funds rather than the Underlying Fund.
The Funds of Funds do not invest in illiquid securities. The Funds of Funds do not invest in repurchase agreements. No Fund of Funds may borrow money for purposes of leveraging or investment. Principal Investments. Non-Principal Investments. Derivatives -index and currency futures and options. Other policies and restrictions may be changed by an Underlying Fund without shareholder approval. This investment restriction shall not apply to the Real Estate Securities Fund.
Purchase or sell real estate; provided that a Fund may invest in securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein. Purchase or sell commodities except that a Fund may purchase or sell currencies, may enter into futures contracts on securities, currencies and other indices or any other financial instruments, and may purchase and sell options on such futures contracts.
Act as an underwriter except to the extent the Fund may be deemed to be an underwriter when disposing of securities it owns or when selling its own shares. Table of Contents 7. An additional fundamental policy is that the Tax Exempt Bond Fund will not invest in interests in oil, gas or other mineral exploration or development programs.
For purposes of these investment restrictions, the Tax Exempt Bond Fund will consider as a separate issuer each: governmental subdivision i. The guarantee of a governmental or some other entity is considered a separate security issued by the guarantor as well as the other issuer for Investment Restrictions, industrial development bonds and governmental issued securities. The issuer of all other municipal obligations will be determined by the money manager on the basis of the characteristics of the obligation, the most significant being the source of the funds for the payment of principal and interest.
The Real Estate Securities Fund concentrates its investments in real estate securities. With regards to investment restriction 7, above, permitted borrowings refer to borrowings by the Underlying Fund as permitted by the Act. Each Underlying Fund is also subject to the following non-fundamental investment restriction one that can be changed by the Trustees without shareholder approval. Unless otherwise noted, this restriction applies on a Fund-by-Fund basis at the time an investment is being made.
No Underlying Fund may borrow money for purposes of leveraging or investment. During a period in which any Underlying Fund takes a temporary defensive position, the corresponding Funds may not achieve their investment objectives. The investment objective and principal investment strategy for each of the Underlying Funds is provided in their Prospectuses.
The following table illustrates the principal and non-principal investments in which the Underlying Funds invest. The Underlying Funds use investment techniques commonly used by other mutual funds. Table of Contents Underlying Fund. Common Stocks and Common Stock Equivalents.
American Depositary Receipts. Cash Reserves. Lending Portfolio Securities. Equity securities of real estate companies, including REITs. Derivatives to expose cash reserves to markets. Short Sales. Depositary Receipts. Preferred Stocks. Foreign Securities. Emerging Market Securities. Warrants and convertible securities. Synthetic foreign equity securities. Debt Securities including corporate debt, asset-backed securities and mortgage-backed securities, including collateralized mortgage obligations and commercial mortgage backed securities.
Below investment grade or junk bonds. When issued and forward commitment securities. Emerging markets debt, including Brady Bonds. Illiquid Securities. Credit and Liquidity enhancements. Repurchase Agreements. Investment Company Securities and pooled investment vehicles. Municipal Obligations.
Foreign Securities specifically emerging market securities. Convertible debt securities. Equity securities of real estate companies including REITs. Convertible securities and warrants. Commercial Paper, including asset-backed commercial paper. Demand notes. Bank Instruments including certificates of deposit, Euro dollar certificates of deposit, Euro dollar time deposits and Yankee certificates of deposit.
Variable and Floating Rate Securities. Credit and Liquidity Enhancements. Funding Agreements. Illiquid Securities other than Funding Agreements. Corporate Debt. Asset-backed securities. Yankee Bonds. Government Securities. Investment Grade Municipal Debt Obligations. Investment Company Securities. Indexed Commercial Paper. The following discussion describes certain investment strategies which the Funds may pursue and certain types of securities in which the Underlying Funds may invest in the foregoing table.
General Investment Strategies and Portfolio Instruments. However, Shares of a money market fund issued to other Funds will be voted by the Trustees in the same proportion as the Shares of the money market fund that are held by shareholders that are not Funds. Hedging Strategies. Financial futures contracts may be used by the Underlying Funds, except the Money Market Fund, during or in anticipation of adverse market events such as, in the case of the Underlying Fixed Income Funds, interest rate changes.
For example: if interest rates were anticipated to rise, financial futures contracts may be sold short hedge which would have an effect similar to selling bonds. Risk Associated with Hedging Strategies. One risk is the imperfect correlation between price movement of the futures contracts or options and the price movement of the portfolio securities, stock index or currency subject of the hedge. The risk increases for the Tax Exempt Bond Fund since financial futures contracts that may be engaged in are on taxable securities rather than tax exempt securities.
There is no assurance that the price of taxable securities will move in a similar manner to the price of tax exempt securities. Table of Contents In addition, foreign currency options and foreign currency futures involve additional risks. Such transactions may not be regulated as effectively as similar transactions in the United States; may not involve a clearing mechanism and related guarantees; and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities.
RIC is a party to a Securities Lending Agency Agreement with State Street Bank and Trust Company, an unaffiliated lending agent, pursuant to which an Underlying Fund may lend securities to other parties typically brokers, dealers, banks or other financial institutions who may need to borrow securities in order to complete certain transactions such as covering short sales, avoiding failures to deliver securities or completing arbitrage operations.
The borrower provides the Underlying Fund with collateral in an amount at least equal to the value of the securities loaned. By lending its portfolio securities, an Underlying Fund attempts to increase its net investment income through investment earnings from collateral received or the receipt of negotiated fees on the securities lent. Each Underlying Fund retains most rights of beneficial ownership, including, interest or other distributions on the loaned securities.
Any gain or loss in the market price of the securities lent that occurs during the term of the loan would be for the account of the Underlying Fund. Voting rights may pass with the lending. An Underlying Fund may call loans to vote proxies if a material issue affecting the investment is to be voted upon. Income generated from the investment of the cash collateral is first used to pay any negotiated rebate to the borrower of the securities then to pay for lending transaction costs.
Any remaining income is divided between the Underlying Fund and the lending agent in accordance with the Securities Lending Agency Agreement. An Underlying Fund may incur costs or possible losses in excess of the interest income and fees received in connection with securities lending transactions. To the extent that the value of the cash collateral as invested is insufficient to return the full amount of the collateral plus any negotiated rebate to the borrower upon termination of the loan, an Underlying Fund must immediately pay the amount of the shortfall to the borrower.
Money Market Instruments. For additional information concerning this Underlying Fund, refer to the Prospectus. Select Holdings. Pursuant to this strategy, RIMCo. Table of Contents periodically analyzes the holdings in the Fund segments assigned to money managers to identify particular stocks that have been selected by multiple money managers.
RIMCo uses a proprietary model to rank these stocks. Illiquid and Restricted Securities. A security is illiquid if it cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which an Underlying Fund has valued such security.
There may be delays in selling illiquid securities at prices representing their fair value. Interfund Lending. The RIC Money Market Fund will lend through the program only when the returns are higher than those available from an investment in repurchase agreements or short-term reserves and the Portfolio Manager determines it is in the best interest of the RIC Money Market Fund.
The Funds of Funds and Underlying Funds will borrow through the program only when the costs are equal to or lower than the cost of bank loans. Interfund loans and borrowings will be limited to the time required to receive payment for securities sold, but can have a maximum duration of seven days. A participating fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. The Underlying Funds may invest in securities of other open-end or closed-end investment companies.
Shareholders would also be exposed to the risks associated not only to the investments of the fund but also to the portfolio investments of the underlying investment companies. Some emerging market countries have laws and regulations that currently preclude direct foreign investments in the securities of their companies.
However, indirect foreign investments in the securities of companies listed and traded on the stock exchanges in these countries are permitted through pooled investment vehicles or investment funds that have been specifically authorized. The Underlying Funds, other than the Money Market Fund, may invest in shares of open-end mutual funds or unit investment trusts that are traded on a stock exchange, called exchange-traded funds or ETFs.
Investing in an ETF will give an Underlying Fund exposure to the securities comprising the index on which the ETF is based, and the Underlying Funds will gain or lose value depending on the performance of the index. ETFs have expenses, including advisory and administrative fees paid by ETF shareholders, and, as a result, an investor in the Underlying Funds is subject to a duplicate level of fees if an Underlying Fund invests in ETFs.
Table of Contents Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are bought and sold based on market values throughout each trading day, and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. The portfolios held by these ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is disseminated throughout the trading day.
Because of this transparency, the trading prices of these index-based ETFs tend to closely track the actual net asset value of the underlying portfolios. If available, the Underlying Funds may invest in ETFs that are based on fixed income indices, or that are actively managed. Actively managed ETFs will likely not have the transparency of index based ETFs, and therefore, may be more likely to trade at a discount or premium to actual net asset values.
If an ETF held by the fund trades at a discount to net asset value, the fund could lose money even if the securities in which the ETF invests go up in value. In a short sale, the seller sells a security that it does not own, typically a security borrowed from a broker or dealer. Because the seller remains liable to return the underlying security that it borrowed from the broker or dealer, the seller must purchase the security prior to the date on which delivery to the broker or dealer is required.
The Underlying Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Underlying Fund replaces the borrowed security. The Underlying Fund will realize a gain if the security declines in price between those dates. The making of short sales exposes the Underlying Fund to the risk of liability for the market value of the security that is sold the amount of which liability increases as the market value of the underlying security increases , in addition to the costs associated with establishing, maintaining and closing out the short position.
Investment In Foreign Securities. The Underlying Funds may invest in foreign securities traded on U. Investing in securities issued by foreign governments and corporations involves considerations and possible risks not typically associated with investing in obligations issued by the U. Less information may be available about foreign companies than about domestic companies, and foreign companies generally are not subject to the same uniform accounting, auditing and financial reporting standards or other regulatory practices and requirements comparable to those applicable to domestic companies.
The values of foreign investments are affected by changes in currency rates or exchange control regulations, application of foreign tax laws, including withholding taxes, changes in governmental administration or economic or monetary policy in the United States or abroad or changed circumstances in dealings between nations.
Costs are incurred in connection with conversions between various currencies. In addition, foreign brokerage commissions are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less subject to governmental supervision than in the United States. Investments in foreign countries could be affected by other factors not present in the United States, including nationalization, expropriation, confiscatory taxation, lack of uniform accounting and auditing standards and potential difficulties in enforcing contractual obligations and could be subject to extended settlement periods or restrictions affecting the prompt return of capital to the United States.
Investment In Emerging Markets. The Underlying Equity Funds may invest in emerging markets stocks. Emerging markets consist of countries determined by the money managers of an Underlying Fund to have developing or emerging economies and markets.
Foreign investment may include emerging market stock and emerging market debt. The considerations outlined above when making investments in foreign securities also apply to investments in emerging markets. The risks associated with investing in foreign securities are often heightened for investments in developing or emerging markets. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability, than those of more developed countries.
Moreover, the economies of individual emerging market countries may differ favorably or unfavorably from the U. A change in the value of a foreign currency against the U. Certain of these currencies have experienced devaluations relative to the U. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years.
Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Investments in emerging market country government debt securities involve special risks. Certain emerging market countries have historically experienced high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment.
As a result, a government obligor may default on its obligations. Foreign Government Securities. Foreign government securities which the Underlying Funds may invest in generally consist of obligations issued or backed by the national, state or provincial government or similar political subdivisions or central banks in foreign countries. Foreign government securities also include debt obligations of supranational entities, which include international organizations designated or backed by governmental entities to promote economic reconstruction or development, international banking institutions and related government agencies.
Local Access Products. Local access products, also called participation notes, are a form of derivative security issued by foreign banks that either give holders the right to buy or sell an underlying security or securities for a particular price or give holders the right to receive a cash payment relating to the value of the underlying security or securities. The instruments may or may not be traded on a foreign exchange.
Local access products are similar to options in that they are exercisable by the holder for an underlying security or the value of that security, but are generally exercisable over a longer term than typical options. These types of instruments may be exercisable in the American style, which means that they can be exercised at any time on or before the expiration date of the instrument, or exercisable in the European style, which means that they may be exercised only on the expiration date.
Local access products have an exercise price, which is fixed when they are issued. Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value.
These instruments may also be subject to counterparty risk, liquidity risk, foreign risk and currency risk. In the case of any exercise of the instruments, there may be a time delay between the time a holder gives instructions to exercise and the time the price of the security or the settlement date is determined, during which time the price of the underlying security could change significantly.
In addition, the exercise or settlement date of the local access products may be affected by certain market disruption events, such as difficulties relating to the exchange of a local currency into U. These events could lead to a change in the exercise date or settlement currency of the instruments, or postponement of the settlement date.
In some cases, if the market disruption events continue for a certain period of time, the local access products may become worthless resulting in a total loss of the purchase price. Equity Linked Notes. The Global Equity, International Securities, International and Emerging Markets Funds may invest in equity linked notes, which are instruments whose return is determined by the performance of a single equity security, a basket of equity securities or an equity index.
The principal payable at maturity is based on the current price of the linked security, basket or index. Equity linked notes are generally subject to the risks associated with the securities of foreign issuers and with securities denominated in foreign currencies and, because they are equity-linked, may return a lower amount at maturity because of a decline in value of the linked security or securities.
Equity linked notes are also subject to default risk and counterparty risk. Table of Contents Equity Securities. Common Stocks. Common stock usually carries with it the right to vote and frequently an exclusive right to do so. Convertible Securities. Convertible securities can be bonds, notes, debentures, preferred stock or other securities which are convertible into common stock. Convertible securities are subject both to the credit and interest rate risks associated with fixed income securities and to the stock market risk associated with equity securities.
Although the fund selects these securities primarily on the basis of their equity characteristics, investors should be aware that debt securities rated in these categories are considered high risk securities; the rating agencies consider them speculative, and payment of interest and principal is not considered well assured.
To the extent that such convertible securities are acquired by the fund, there is a greater risk as to the timely payment of the principal of, and timely payment of interest or dividends on, such securities than in the case of higher rated convertible securities. The Underlying Funds may invest in warrants. Warrants are instruments which entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security.
The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. These securities may not necessarily be denominated in the same currency as the securities for which they may be exchanged.
ADRs and ADSs typically are issued by an American bank or trust company and evidence ownership of underlying securities issued by a foreign corporation. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depositary usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.
The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through voting rights to ADR holders with respect to the deposited securities. Sponsored ADR facilities are created in generally the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with the depositary.
The deposit agreement sets out the rights and responsibilities of the issuer, the depositary and the ADR holders. With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility such as dividend payment fees of the depositary , although ADR holders continue to bear certain other costs such as deposit and withdrawal fees.
Under the terms of most sponsored arrangements, depositories agree to distribute notices of shareholder meetings and voting instructions, and to provide shareholder communications and other information to the ADR holders at the request of the issuer of the deposited securities. Unsponsored depositary receipts tend to trade over the counter, and are issued without the involvement of the underlying non-US company whose stock underlies the depositary receipts.
Shareholder benefits, voting rights and other attached rights may not be extended to the holder of an unsponsored depositary receipt. Debt Instruments and Money Market Instruments. Government Obligations. The types of U. No assurance can be given that the U. Accordingly, such U. The Underlying Funds may purchase U. TIPS are U. Treasury securities issued at a fixed rate of interest but with principal adjusted every six months based on changes in the Consumer Price Index.
If the inflation rate falls, the principal value of the security will be adjusted downward, and consequently, the interest payable on the securities will be reduced. Treasury or agency note or bond and selling them as individual. Table of Contents securities. STRIPS generally trade like zero coupon securities, which do not pay interest periodically but accrue interest until maturity. The market prices of STRIPS generally are more volatile than the market prices of securities with similar maturities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than do non-zero coupon securities having similar maturities and credit quality.
A repurchase agreement is an agreement under which the LifePoints Target Distribution Strategies Fund or Underlying Fund acquires a fixed income security from a commercial bank, broker or dealer and simultaneously agrees to resell such security to the seller at an agreed upon price and date normally the next business day. The resale price reflects an agreed upon interest rate effective for the period the security is held by the Underlying Fund and is unrelated to the interest rate on the security.
In these transactions, the securities acquired by the LifePoints Target Distribution Strategies Fund or Underlying Fund including accrued interest earned thereon must have a total value in excess of the value of the repurchase agreement and must be held by the custodian bank until repurchased.
Risk Factors. The use of repurchase agreements involves certain risks. If the seller defaults, the LifePoints Target Distribution Strategies Fund or Underlying Fund may incur costs in disposing of the collateral, which would reduce the amount realized thereon.
If the seller seeks relief under bankruptcy laws, the disposition of the collateral may be delayed or limited. For example, if the other party to the agreement becomes insolvent and subject to liquidation or reorganization under bankruptcy or other laws, a court may determine that the underlying securities are collateral for a loan by the LifePoints Target Distribution Strategies Fund or Underlying Fund not within its control and therefore the realization by the LifePoints Target Distribution Strategies Fund or Underlying Fund on such collateral may be automatically stayed.
It is possible that the LifePoints Target Distribution Strategies Fund or Underlying Fund may not be able to substantiate its interest in the underlying securities and may be deemed an unsecured creditor of the other party to the agreement. Reverse Repurchase Agreements. The Underlying Fund retains record ownership of the security involved including the right to receive interest and principal payments.
At an agreed upon future date, the Underlying Fund repurchases the security by paying an agreed upon purchase price plus interest. Corporate Securities. The Underlying Fixed Income Funds may invest in debt securities, such as convertible and non-convertible bonds, preferred stock, notes and debentures, issued by corporations, limited partnerships and other similar entities.
The Money Market Fund may invest in debt securities issued by corporations. Zero Coupon Securities. These securities also include certificates representing interests in such stripped coupons and receipts. Zero coupon securities trade at a discount from their par value and are subject to greater fluctuations of market value in response to changing interest rates. Table of Contents Collateralized Mortgage Obligations. If the credit enhancement held by an Underlying Fund has been exhausted, and if any required payments of principal and interest are not made with respect to the underlying loans, the Underlying Fund may experience loss or delay in receiving payment and a decrease in the value of the security.
Collateralized Loan Obligations. CLOs are special purpose entities which are collateralized mainly by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.
CLOs may charge management and other administrative fees. MBS may have less potential for capital appreciation than comparable fixed income securities due to the likelihood of increased prepayments of mortgages as interest rates decline. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole.
Non-governmental MBS may offer higher yields than those issued by government entities, but also may be subject to greater price changes than governmental issues. Through its investments in MBS, including those that are issued by private issuers, an Underlying Fund may have some exposure to subprime loans as well as to the mortgage and credit markets generally.
Private issuers include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities called special purpose vehicles or SPVs and other entities that acquire and package mortgage loans for resale as MBS.
Unlike MBS issued or guaranteed by the U. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities e. However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans.
In addition, MBS that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those MBS that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private MBS may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored.
Table of Contents MBS and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans.
The coupon rates and maturities of the underlying mortgage loans in a private-label MBS pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans.
For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements. The risk of non-payment is greater for MBS that are backed by mortgage pools that contain subprime loans, but a level of risk exists for all loans.
Privately issued MBS are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. In the event that any Fixed Income Fund does not satisfy certain of the applicable transfer restrictions at any time that it holds CLO Securities, it may be forced to sell the related CLO Securities and may suffer a loss on sale.
Structured Investment Vehicles. Certain investments in derivatives, including structured instruments as well as investments in mortgage-backed securities and asset-backed securities, involve the purchase of securities from structured investment vehicles SIVs.
SIVs are legal entities that are sponsored by banks, broker-dealers or other financial firms specifically created for the purpose of issuing particular securities or instruments. Investments in SIVs present counterparty risks, although they may be subject to a guarantee or other financial support by the sponsoring entity. Investments in SIVs may be more volatile, less liquid and more difficult to price accurately than other types of investments. Loans and Other Direct Indebtedness. In addition to being structured as secured or unsecured, such investments could be structured as novations or assignments or represent trade or other claims owed by a company to a supplier.
Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. Loans and other direct indebtedness involve the risk that an Underlying Fund will not receive payment of principal, interest and other amounts due in connection with these investments and will depend primarily on the financial condition of the. Table of Contents borrower. Some loans or claims may be in default at the time of purchase.
Certain of the loans and the other direct indebtedness acquired by an Underlying Fund may involve revolving credit facilities or other standby financing commitments which obligate an Underlying Fund to pay additional cash on a certain date or on demand. To the extent that an Underlying Fund is committed to advance additional funds, it will at all times hold and maintain in a segregated account cash or other high-grade debt obligations in an amount sufficient to meet such commitments.
The highly leveraged nature of many such loans and other direct indebtedness may make such loans and other direct indebtedness especially vulnerable to adverse changes in economic or market conditions.
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