Communiqué // 3rd Quarter 2016

Russell Investments Communiqué

To learn more about

our services for

institutional investors

or topics in this issue

Communiqué

contact your

Russell Investments

representative or one

of these associates.

Eric Macy

Managing Director

U.S. Institutional

212-702-7941

U.S. contact

Tom Lappalainen

Director, Strategic Advice

Canada

Canadian contact

Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the

appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be

acted upon without obtaining specific legal, tax and investment advice from a licensed professional.

Please remember that all investments carry some level of risk, including the potential loss of principal invested. Although steps can

be taken to help reduce risk, it cannot be completely removed. Investments typically do not 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.

These views are subject to change at any time based upon market or other conditions and are current as of the date at the beginning of

the document.

Where noted, the opinions expressed in this material are not necessarily those held by Russell Investment Group, its affiliates or

subsidiaries. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed. The information, analysis

and opinions expressed herein are for general information only and are not intended to provide specific advice or recommendations for

any individual or entity.

Diversification does not assure a profit and does not protect against loss in declining markets.

Indexes are unmanaged and cannot be invested in directly. Returns represent past performance, are not a guarantee of future

performance and are not indicative of any specific investment.

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.

transferred, or distributed in any formwithout prior written permission from Russell Investments. It is delivered on an "as is" basis

without warranty.

First used: October 2016

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