Global Opportunistic Credit Fund Money Manager and Russell Investments Overview September 2017

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1 Money Manager and Russell Investments Overview September 2017 RUSSELL INVESTMENTS APPROACH Russell Investments uses a multi-asset approach to investing, combining asset allocation, manager selection and dynamic portfolio management in its investment portfolios. Using this approach as a framework for mutual fund construction, we research, monitor, hire and terminate (subject to Fund Board approval) money managers from around the world and strategically allocate fund assets to them. We oversee all investment advisory services to the funds and manage assets not allocated to money managers. THE FUND The invests primarily in two asset classes high yield bonds and emerging market debt in order to attempt to identify opportunities for total return and diversification. The Fund may also invest in various tactical global bond opportunities including bank loans, government securities (including non-u.s. and emerging markets sovereign debt) and investment grade securities. The Fund combines active managers that possess significant experience, high quality analytics, unique access and insight into securities, and disciplined approaches to security selection. Russell Investments also manages positioning strategies to seek to tilt the Fund across a variety of dimensions including credit, currency and interest rate factors. Global high yield bonds and emerging market debt are meaningful components of the global bond markets. These asset classes have historically had lower correlations to other fixed income categories with complementary return patterns to both investment grade fixed income and equities. The Fund s primary benchmark is the Bank of America Merrill Lynch (BofAML) Global High Yield Index (USD hedged). The Fund s secondary benchmark is a blend of two indexes that is intended to better reflect the Fund s investment in both high yield bonds and emerging market debt. The secondary benchmark consists of 60% Bank of America Merrill Lynch Global High Yield Index (USD hedged) and 40% J.P. Morgan Emerging Markets Bond Index Global Diversified. Due to the potential use of tactical, opportunistic strategies, the Fund may experience relatively high tracking error relative to its secondary benchmark. MONEY MANAGER SKILL SET (as of September 2017) See skill set definitions on page 10 The table below provides an overview of the primary focus the money managers take in this Fund. This is not intended to be a comprehensive list of the managers capabilities. MANAGER U.S. High Yield Bonds European High Yield Bonds Bank Loans Emerging Market Corporate Debt U.S. Dollar Emerging Market Sovereign Debt Axiom Barings DDJ DuPont Lazard THL Local Emerging Market Sovereign Debt RUSSELL INVESTMENTS PORTFOLIO MANAGER Keith Brakebill, CFA is a senior portfolio manager on the global fixed income team. Keith is responsible for managing a variety of fixed income funds for North American investors including U.S. corporate and municipal bonds, global high yield, and emerging market debt. Prior to this role, Keith was an analyst on Russell Investments global fixed income research team. Keith holds a BA in college scholars with a concentration in international economic policy and foreign language acquisition and an MA in international policy studies. Keith joined Russell Investments in THE PORTFOLIO MANAGERS ROLE The portfolio managers are responsible for identifying and selecting the strategies and money managers included in the Fund and determining the weight for each assignment. The portfolio managers manage the Fund on a daily basis to help keep it on track, constantly monitoring risk and return expectations at the total fund level and making changes when deemed appropriate and/or necessary. Multiple resources from across the firm are used to help determine what is believed to be the best combination of managers and strategies. Manager research and capital markets research are just some of the tools at the portfolio managers disposal to help identify opportunities and manage risk. TARGET ALLOCATION OF FUND ASSETS The percentages below represent the target allocation of the Fund s assets to each money manager s strategy and Russell Investment Management, LLC ( RIM ) strategy. This does not include liquidity reserves managed directly by RIM, which may constitute 5% or more of fund assets at any given time. 6% Axiom Alternative Investments SARL 15% Barings** 12% DDJ Capital Management, LLC 15% DuPont Capital Management Corporation 14% Lazard Asset Management LLC 11% THL Credit Advisors LLC 27% Russell Investment Management, LLC (RIM)* *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. **Barings refers to Barings LLC and Barings Global Advisers Limited. Page 1 of 10 // Russell Investments // Not FDIC Insured - May Lose Value - No Bank Guarantee

2 Managers and Strategies Summary September 2017 NAME ALLOCATION INVESTMENT APPROACH ROLE DETAILS OF ROLE IN THE FUND 6% Axiom uses a deep value and event driven security selection process seeking to identify undervalued securities within bank capital structures. Axiom specializes in European high yield securities, with a focus on financials. 15% Barings leverages the firm s broad and deep team of research analysts with a bottom-up investment process to seek companies with potential for rating upgrade, defensible business positions and diversified revenue streams. Barings brings a global high yield strategy with a focus on the U.S. and European high yield markets. 12% DDJ uses a deep value approach to its credit analysis process. The firm specializes in identifying investment opportunities in high yield corporate (i.e. junk) bonds and loans, as well as debt of companies that are experiencing financial duress but with what it believes to be a competent management team, sustainable market position and/or adequate asset value. 15% Uses its own quantitative and qualitative in-house research and analysis. DuPont s mandate for the Fund is primarily U.S. dollar denominated emerging market debt with a bias to lower rated debt. DuPont invests in government bonds and some corporate bonds from emerging market countries, primarily in hard currency. 14% Performs ongoing data analysis of approximately seventy countries using a mix of qualitative and quantitative factors for country evaluation with an emphasis on determinates of interest rates and currency movements. Lazard manages a dedicated local currency emerging market debt strategy that invests primarily in sovereign government bonds of emerging market countries denominated in local currencies. 11% Incorporates a four-dimensional approach: top down analysis, bottom up research, qualitative analysis and quantitative analysis. THL invests largely in U.S. bank loans (a.k.a. leveraged loans ), which is expected to provide a more defensive bias than any of the Fund s corporate high yield money managers. Russell Investment Management, LLC 27% Directly manages multiple positioning strategies to seek to tilt the Fund across a variety of dimensions including credit, currency and interest rate factors. Positioning strategies Russell Investments oversees all investment advisory services to the Fund and manages assets not allocated to money managers. This includes the Fund s positioning strategies, which help the Fund to achieve its desired risk/return profile. Russell Investments also manages the Fund s liquidity reserves, which may constitute 5% or more of Fund assets at any given time (not included in the percentage on the left). Page 2 of 10 // Russell Investments //

3 Axiom Alternative Investments SARL September 2017 Axiom Alternative Investments SARL is an independent boutique investment management company combining the complementary skills of asset managers and former investment bankers specializing in financing solutions. Headquarters: Paris, France Founded: 2006 Lead manager: David Benamou Investment focus: European high yield financial securities Number of holdings: Axiom Alternative Investments SARL (Axiom) was added to the in The strategy is led by David Benamou, chief investment officer. Axiom is the only manager in the Fund that specializes in European high yield securities, with a focus on financials. Axiom s strategy has a concentrated exposure to the financial sector of the European high yield market, a potentially high returning sector with accompanying risk. Because such securities offer less liquidity and more volatility in extreme market environments, the allocation to this manager will be low within the Fund. Axiom follows a deep value and event driven security selection process seeking to identify undervalued securities within European bank capital structures. The firm looks for those securities that banks may have an incentive to purchase back at a premium to the current price or those securities that offer an attractive running yield but are unlikely to be taken out of the market. Axiom will use a limited amount of derivatives in their strategy. Currency forwards will be the primary derivatives used to hedge European currency risk back to the U.S. Dollar. Axiom will also make occasional use of interest rate futures and credit default swaps to hedge duration and credit risk, respectively. Certain of the Axiom senior investment leaders were formerly responsible for structuring and issuing high yield financial sector bonds and capital notes in the investment banking division at their previous employer. Russell Investments believes that this experience, as well as Axiom s singular focus on financials and demonstrated track record since Axiom was founded, sets the team apart from peers. Russell Investments believes that this sector can offer an attractive active return opportunity for skilled managers that understand the nature of such securities and the dynamics of this complex and evolving market. Axiom is expected to do well in risk-on markets and when Europe is outperforming the U.S. It is expected to struggle during times of financial crisis that are led out of Europe. Page 3 of 10 // Russell Investments //

4 Barings* September 2017 Barings is a global financial services firm that offers traditional and alternative asset class investment solutions. They are a member of the MassMutual Financial Group. Headquarters: Charlotte, NC Founded: 1940 Lead manager: Scott Roth, Sean Feeley and Craig Abouchar Investment focus: U.S. and European high yield Number of holdings: Barings was added to the in June Scott Roth and Sean Feeley lead the U.S. high yield mandate, while Craig Abouchar leads the European high yield mandate for the strategy. Barings brings a global high yield strategy with a focus on the U.S. and European high yield markets. Barings global high yield strategy leverages the firm s broad and deep team of research analysts with a bottom-up investment process to seek companies with potential for rating upgrade, defensible business models and diversified revenue streams. Their investment process is driven by the team s assessment of each individual issuer s credit fundamentals. The firm s team of analysts builds models with 12-month forward outlooks on each company and takes into consideration some factors that impact the broad economy, specific industries and companies. Scenario analysis is an important component of the team s due diligence and allows the portfolio managers to better understand any potential downside risks. Meeting with issuers management teams in person is a central part of Barings credit analysis and the firm s deep resources allow them to facilitate in-depth due diligence. In addition, the team analyzes leverage levels and free cash flow generations to assess the company s likeliness to pay back its debt. Barings is also mindful of top-down risk that can come out of a bottom-up process, as well as the macro opportunities that sometimes present themselves in the high yield marketplace. Their portfolio management team meets regularly to discuss the sector and regional risks within the strategy, and when they see value, or lack thereof, in one segment of the market. They are willing to meaningfully rotate across sectors. Russell Investments believes that Barings significant presence in the below-investment grade credit market, particularly in leveraged loans, has assisted the firm in establishing a well-resourced credit team at a global scale. Russell Investments believes that Barings cohesive, team-oriented approach, as well as their relatively small asset base are strengths relative to peers. *Barings LLC refers to Barings LLC and Barings Global Advisers Limited. The strategy is expected to perform well in relatively calm markets and when markets are driven down by the performance of the largest, most liquid issuers. Conversely, the strategy will tend to face headwinds when the most liquid issuers drive the market up and/or when lower rated credits underperform. Page 4 of 10 // Russell Investments //

5 DDJ Capital Management, LLC September 2017 DDJ Capital Management, LLC is an institutional manager of high yield bond and loan strategies. DDJ serves corporate and public retirement funds, insurance companies, endowments, foundations and family offices worldwide. Headquarters: Waltham, MA Founded: 1996 Lead manager: Tony Ranaldi Investment focus: U.S. high yield bond and loans Number of holdings: DDJ Capital Management, LLC (DDJ) was added to the in October The firm specializes in identifying investment opportunities in high yield corporate (i.e. junk) bonds and loans, as well as debt of companies that are experiencing financial duress but with what it believes to be a competent management team, sustainable market position and/or adequate asset value. DDJ s investment process involves observing a company as a whole and deriving a real-time total enterprise value, and then only targeting those fixed income investments in that company s capital structure that DDJ believes offer a significant margin of safety and strong return potential. The ability to invest in both bank loans and bonds is an important component to DDJ s U.S. opportunistic high yield strategy, as this flexibility enables DDJ to most effectively implement its investment strategy based on its bottom-up fundamental analysis of each investment opportunity. DDJ believes that its portfolios can achieve their performance objectives by buying the debt securities of companies at deep discounts to intrinsic value giving significant cushion from a loan-to-value perspective; fully understanding all of the relevant aspects of a particular bond indenture or loan document with a particular focus on downside or bankruptcy scenarios; and managing liquidity in the portfolio by limiting the number and size of positions considered to be less liquid in nature to those that are anticipated to generate a significant return premium. DDJ utilizes a deep-value approach to its credit analysis process. In examining investment opportunities, analysts focus on the ability of companies to generate free cash flow and perform a risk assessment from a loan-to-value perspective. All investment ideas are evaluated utilizing a relative value (yield vs. risk incurred) approach. During the diligence process, analysts develop an understanding for the key drivers that can influence financial performance and attempt to understand the potential impact that changes in demand or key input costs may have on financial performance. The investment team at DDJ displays a strong security selection methodology. Russell Investments believes DDJ s in-depth coverage and broad perspective should give it a competitive advantage relative to other firms who just concentrate on benchmark constituents in a long-only context. Russell Investments expects DDJ to do well when lower quality risk is rewarded, and lag when there is a flight to high quality. Page 5 of 10 // Russell Investments //

6 DuPont Capital Management Corporation September 2017 DuPont Capital Management Corporation (DuPont) is a subsidiary of E.I. du Pont de Nemours and Company, an American chemical company founded in DuPont offers investment management services to institutional investors. Headquarters: Wilmington, DE Founded: 1993 Lead manager: Yong Zhu, PhD, CFA DuPont Capital Management Corporation (DuPont) was added to the in Yong Zhu is the lead portfolio manager for the mandate assigned to this Fund. DuPont s mandate for the Fund is primarily U.S. dollar denominated emerging market debt with a bias to lower rated debt. DuPont invests in government bonds and some corporate bonds from emerging market countries, primarily in hard currency. DuPont is a value-oriented firm that seeks opportunities across all types of credits that the firm categorizes as mature, stable, risky or distressed. The firm s investment approach takes an entire market cycle view. DuPont uses its own quantitative and qualitative in-house research and analysis. The firm believes this can help successfully identify undervalued securities that offer what the firm believes to be the best risk/return characteristics, and make determinations as to which debt issuers have both the ability and willingness to pay. Investment focus: Emerging market debt Number of holdings: DuPont runs a deep value, concentrated portfolio. The firm categorizes the emerging markets universe into groups based on relative quality and then tends to buy securities it feels are the cheapest at each quality level. DuPont is willing to both rotate among deep value opportunities and increase risk in high conviction positions that have underperformed. The firm also has a low asset base and a nimble investment process. The firm is flexible in its investing strategy, and is open to investing in corporate bonds in countries the firm likes, but in which the pricing for sovereign bonds is not currently considered to be attractive by DuPont. Financial market structure changes after the global financial crisis of highlighted liquidity challenges within certain fixed income markets. Russell Investments believes that smaller, more nimble managers are more desirable in a less liquid market. Russell Investments believes DuPont is uniquely suited to play this role. DuPont is willing to take on aggressive portfolio positions and invest in what might be considered relatively non-traditional investment opportunities for an emerging markets debt manager. DuPont is expected to perform better in a bull market for emerging markets and is expected to struggle in a bear market for emerging markets. Page 6 of 10 // Russell Investments //

7 Lazard Asset Management LLC September 2017 Lazard Asset Management LLC provides investment management and advisory services to institutional clients, financial intermediaries, private clients and investment vehicles around the world. Lazard Asset Management LLC is a subsidiary of Lazard Frères & Co. LLC. The parent company traces its history back to 1848, and the U.S. investment management division was established in Headquarters: New York, NY Founded: 1970 Lead manager: Denise Simon and Arif Joshi, CFA Investment focus: Local emerging market debt Number of holdings: Lazard Asset Management LLC (Lazard) was added to the in Lazard brings a broad research capability and a talented staff that is insightful and skilled. Lazard manages a dedicated local currency emerging market debt strategy that invests primarily in sovereign government bonds of emerging market countries denominated in local currencies. Russell Investments believes Lazard s emphasis on local government bonds should complement the other managers in the Fund who invest mostly in hard currency (developed markets) corporate and sovereign bonds. Additionally, Lazard s investment approach is expected to be complementary to the other emerging market managers in the Fund. The team performs ongoing data analysis of approximately seventy countries using a mix of qualitative and quantitative factors for country evaluation with an emphasis on determinates of interest rates and currency movements. These top-down views, along with input from local contacts, drive the firm's country allocation decisions. Lazard manages duration and yield curve exposure on a country-by-country basis utilizing a wide range of tools to implement its views. The firm s broad opportunity set allows it to more quickly and precisely express duration and yield curve views than most peers. Lazard implements a judgmental currency selection process that emphasizes medium-term fundamentals and carry, or short term yield. The team will use its view on market risk appetite to dynamically weight the importance of fundamental and carry perspectives. As a result, Lazard s performance is less likely to be directional with the markets. Lazard has a tactical approach to investing in emerging market debt particularly local currency bonds that is not used by any of the other managers in the Fund. Lazard is expected to perform better when emerging market currencies are rallying. Lazard s strategy may also overcome market headwinds at times to outperform other emerging market debt managers in both bull and bear markets. A sharp sell-off in emerging market currencies is expected to be negative for Lazard s performance as would a highly inflationary environment in emerging market currencies. Page 7 of 10 // Russell Investments //

8 THL Credit Advisors LLC September 2017 THL Credit Advisors LLC is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. THL is the credit affiliate of Thomas H. Lee Partners, L.P. (THL Partners), one of the oldest and largest growth-oriented private equity firms in the United States. Headquarters: Boston, MA Founded: 1974 Lead manager: Jim Fellows, CFA and Brian Good THL Credit Advisors LLC (THL) was added to the in The core members of the investment team have been working together since THL invests largely in U.S. bank loans (a.k.a. leveraged loans ), which is expected to provide a more defensive bias than any of the fund s existing corporate high yield money managers. The team incorporates a four dimensional approach: top down analysis, bottom up research, qualitative analysis and quantitative analysis. The top down analysis incorporates THL s macroeconomic view and view of an industry group. Bottom up research focuses on individual credit analysis. The qualitative analysis provides a review of a firm's competitive position and a general review of the management of a given credit. Finally, the quantitative analysis utilizes a proprietary system to provide a credit and collateral score. This system is the cornerstone of THL s research. The firm s strategy has a balanced emphasis on both liquid issuers and smaller cap companies compared to existing managers in the fund. This is expected to allow its portfolio to perform in both up and down markets. At the same time, the downside capture is expected to be lower than its upside capture considering the firm s security selection skill sets. The bottom up approach could also lead to a performance pattern that exhibits low correlation to the manager s benchmark and to some of THL s larger peers. Investment focus: Bank loans Number of holdings: Russell Investments has been following this manager since 2011, when it was known as McDonnell Investment Management. Russell Investments believes the portfolio managers at THL demonstrate thorough knowledge of the potential risks in their portfolios as well as of the bank loan asset class as a whole. THL s relatively low asset base, combined with a deep and experienced investment staff, leads Russell Investments to believe that the firm will be able to identify potentially attractive investment opportunities in a timely manner and be able to act nimbly in the marketplace to reflect these ideas in the portfolio. THL is expected to perform well when credit spreads are widening and the market is selling off. THL s strategy can also be aided by rising interest rates. THL will tend to lag in market situations presenting rapidly falling interest rates and tightening credit spreads (a rallying bond market). Page 8 of 10 // Russell Investments //

9 Russell Investment Management, LLC September 2017 Russell Investment Management, LLC is the advisor to Russell Investment Company (RIC) Funds. 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. Russell Investments provides asset management and investment services to institutional and individual investors around the world. Headquarters: Seattle, WA Founded: Russell Investments, founded in 1936 Focus: Credit, currency and interest rate factors Number of holdings: Russell Investment Management, LLC oversees all investment advisory services to the fund and manages assets not allocated to managers. MANAGER AND STRATEGY OVERSIGHT Russell Investments portfolio managers have ultimate responsibility for ensuring fund outcomes are consistent with fund objectives. The portfolio manager and analysts track the effectiveness of every money manager and strategy in the fund. Occasionally, adjustments may be necessary due to reasons such as a change in control at a money manager, the opportunity to select another manager or strategy the portfolio manager believes offers an investment proposition that would help improve the fund, or changes in market dynamics. Any significant fund changes must be validated through an internal governance process to ensure all key considerations were addressed by the portfolio manager. Money manager changes are also subject to approval by the fund s Board of Trustees. INVESTMENT MANAGEMENT Russell Investments manages a portion of the fund s assets internally to seek to precisely manage the fund s exposures and achieve the desired risk/return profile for the fund. During the portfolio construction and management process, portfolio managers may identify an investment need and seek to address that need with a positioning strategy. Positioning strategies are customized portfolios directly managed for use within the total portfolio. Portfolio managers use positioning strategies, including tactical tilts, to seek excess return and manage portfolio risks by targeting specific exposures. These strategies are used in conjunction with allocations to third-party active managers to fully reflect Russell Investments strategic and dynamic insights with integrated liquidity and risk management. Russell Investments employs multiple positioning strategies within the Fund to seek to tilt the Fund across a variety of dimensions including credit, currency and interest rate factors. Positioning strategies may change at any time as market conditions and needs of the fund change. MANAGING THE LIQUIDITY RESERVE Every Russell Investments mutual fund maintains cash reserves, which is cash awaiting investment or held to meet redemption requests or to pay expenses. This fund typically exposes all or a portion of its cash to changes in market/sector returns by purchasing fixed income securities and/or derivatives (also known as equitization ), which typically include total return swaps and index credit default swaps. The fund invests any remaining cash in an unregistered cash management fund advised by Russell Investments and/or fixed income securities with an average portfolio duration of two years and effective maturities of up to six years. Page 9 of 10 // Russell Investments //

10 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 or by visiting Please read a prospectus carefully before investing. Manager skill sets definitions: High Yield Bonds (U.S. and European) Bonds that are ranked lower by ratings agencies because they have a relatively higher chance of default and therefore generally offer a higher yield in return for the higher volatility and higher risk of default than investment grade bonds. Bank Loans corporate debt instruments that are typically higher in the capital structure than bonds and are issued with floating interest rates. Emerging Market Corporate Debt Emerging market debt (EMD) includes obligations of corporations in countries with emerging markets. U.S. Dollar emerging markets sovereign debt Emerging market debt issued by sovereign issuers (governments) in U.S. dollar denominations. Local emerging markets sovereign debt Emerging market debt issued by sovereign issuers (governments) in their own currency denominations. Money managers listed are current as of September 14, Subject to the Fund's Board approval, Russell Investments 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. This document will be updated annually. If a manager change is made during a year, a manager specific page will be added or removed. The investment styles employed by a Fund's money managers may not be complementary. This concentration may be beneficial or detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The multi-manager approach could increase a Fund's portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities, higher brokerage commissions and other transaction costs. 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. The Fund may enter into swap agreements. Certain swaps may be subject to fees and expenses and by investing in such swaps indirectly through the Fund, a shareholder will bear the expenses of the swap in addition to the expenses of the Fund. The Fund may also invest in foreign securities, which may be more volatile than investments in U.S. securities and will be subject to fluctuation and sudden economic and political developments. The Fund may also invest in non-investment grade fixed-income securities, which involve higher volatility and higher risk of default than investment grade bonds. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. 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. 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. Securities products and services offered through Russell Investments Financial Services, LLC member FINRA, part of Russell Investments. Copyright 2017 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an as is basis without warranty. Date of First Use: October 2010 / Revised: September 2017 RIFIS Page 10 of 10 // Russell Investments //