Important fund information

U.S. Equity Funds

Equity profile details are available upon request. Profiles include quarterly data summarizing portfolio composition and characteristics to include stock and sector distributions.

Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

Growth investments focus on stocks of companies whose earnings/profitability are accelerating in the short term or have grown consistently over the long term. Such investments may provide minimal dividends which could otherwise cushion stock prices in a market decline. Stock value may rise and fall significantly base, in part, on investors' perceptions of the company, rather than on fundamental analysis of the stocks. Investors should carefully consider the additional risks involved in growth investments.

Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, or, such stock may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments.

Russell Investments and Standard & Poor's Corporation are the owners of the trademarks, service marks, and copyrights related to their respective indexes.

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans.

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes.

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments.

International and Global Equity Funds

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

The trademarks, service marks and copyrights related to the Russell indexes and other materials as noted are the property of their respective owners.

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. Securities may be less liquid and more volatile than US and longer-established non-US markets.

Non-US markets entail different risks than those typically associated with US markets, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Securities may be less liquid and more volatile.

Source for MSCI data: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties.) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

Indexes and/or benchmarks are unmanaged and cannot be invested in directly.

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans.

Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.

Global managers differ from U.S. and non-U.S. investment managers in the fact that they can invest in both U.S. and non-U.S. stocks.

To diversify the risk associated with global investing, the fund uses multiple advisors employing different investment strategies to invest in many countries. Consistent with the multi-manager framework, the fund's return patterns may vary in different markets.

Standard & Poor's Corporation is the owner of the trademarks, service marks, and copyrights related to its indexes. Indexes are unmanaged and cannot be invested in directly.

Fixed Income Funds

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes.

An investment in a short-term investment fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a short-term investment fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a short-term investment fund.

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans.

Treasury Bills (T-bills) are short-term debt securities issued by the U.S. government with maturities of usually one year or less.

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

The trademarks, service marks, and copyrights related to the indexes are the property of their respective owners.

Investments in Guaranteed Investment Contracts (GICs) are made available through Funds of the Commingled Employee Benefit Funds Trust established by Russell Investments Trust Company.

Liability-Driven Investment Funds

Liability Driven Investment (LDI) strategies contain certain risks that prospective investors should evaluate and understand prior to making a decision to invest. These risks may include, but are not limited to; interest rate risk, counter party risk, liquidity risk and leverage risk. Interest rate risk is the possibility of a reduction in the value of a security, especially a bond or swap, resulting from a rise in interest rates. Counter party risk is the risk that either the principal or an unrecognized gain is not paid by the counter party of a security or swap. Liquidity risk is the risk that a security or swap cannot be purchased or sold at the time and amount desired. Leverage is deliberately used by the fund to create a highly interest rate sensitive portfolio. Leverage risk means that the portfolio will lose more in the event of rising interest rates than it would otherwise with a portfolio of physical bonds with similar characteristics.

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes.

The Bloomberg LDI Index Series calculated by Barclays Risk Analytics and Index Solutions Ltd. ("Barclays") provides the liability driven investment methodology implemented in the selection criteria of the Bloomberg LDI Index Series without regard to any person. All rights in the Bloomberg LDI Index Series vest in Barclays and Russell Investments Group LLC ("Russell Investments"). Any funds, products or other securities or investment vehicles using or based on the Bloomberg LDI Index Series are not sponsored, endorsed or promoted by Barclays or any of its affiliates, and neither Barclays nor any of its affiliates acquires any relationship with any investor upon making any investment in any such product, fund or security. NEITHER BARCLAYS NOR RUSSELL INVESTMENTS NOR THEIR AFFILIATES NOR THEIR LICENSORS SHALL BE LIABLE (INCLUDING IN NEGLIGENCE) FOR ANY LOSS ARISING OUT OF USE OF OR RELIANCE ON THE Bloomberg LDI INDEX SERIES BY ANY PERSON, NOR SHALL EITHER PARTY BE LIABLE IN RESPECT OF THE ACCURACY OR COMPLETENESS OF THE Bloomberg LDI INDEX SERIES.

Indexes and/or benchmarks are unmanaged and cannot be invested in directly.

The Liability-Driven Investment Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust Russell Liability-Driven Investment Solutions. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940.

Real Assets - Priced Daily

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans.

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes.

Commodity futures and forward contract prices are highly volatile. Trading is conducted with low margin deposits which creates the potential for high leverage. Commodity strategies contain certain risks that prospective investors should evaluate and understand prior to making a decision to invest. Investments in commodities may be affected by overall market movements, and other factors such as weather, exchange rates, and international economic and political developments. Other risks may include, but are not limited to; interest rate risk, counter party risk, liquidity risk and leverage risk. Potential investors should have a thorough understanding of these risks prior to making a decision to invest in these strategies.

Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies is subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

Private Real Estate - Priced Quarterly

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes.

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans.

*NFI-ODCE-EQ is an equally-weighted, gross of fee, time-weighted return index of open-end (infinite life) funds that are diversified by property type and geographic region, and that invest primarily in core private equity real estate. All funds are held in a fiduciary environment and are composed of income-producing, institutional-quality real properties managed by banks, insurance companies and independent advisors.

The Real Estate Equity Fund is quarterly valued and reported net of fees.

Multi-Asset Funds

The Multi-Asset Core Fund invests in underlying funds of the Commingled Employee Benefit Funds Trust and/or separate accounts managed by Russell Investments Trust Company. The allocations to the underlying funds and separate accounts may be changed by Russell Trust Company at any time in its sole discretion (prior allocations are available upon request).

A fund of funds exposes an investor to the underlying fund specific risks in direct proportion to the underlying funds' allocation.

Investments that are allocated across multiple types of securities may be exposed to a variety of risks based on the asset classes, investment styles, market sectors and size of companies preferred by the advisors. Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal.

Balanced Funds

The Balanced Funds are investment funds of the Russell Investments Commingled Employee Benefit Funds Trust established by Russell Investments Trust Company. They are not funds of Russell Investment Company, nor mutual funds registered under the Investment Company Act of 1940.

The Balanced Funds invest in underlying funds of the Russell Investments Commingled Employee Benefit Funds Trust. The strategic allocations to the underlying funds may be changed by Russell Investments Trust Company at any time in its sole discretion (prior allocations are available upon request). Please note that actual allocations over time may vary from the strategic allocations based on tactical allocation decisions made by the portfolio manager, which allow the weightings of each asset class in each fund to take advantage of potential opportunities as market and economic conditions change.

Investments that are allocated across multiple types of investments may be exposed to a variety of risk based on the asset classes, investment styles, market sectors and size of companies preferred by the advisors. Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal.

Target Date Funds

The Commencement of Operations date of Classes 1, 3, 6 and 7 is July 2, 2012. For periods prior to this date, performance for classes 1 and 3 is linked to Class E, performance for class 6 is linked to Class J and Class 7 is linked to Class P. This is reflective of the client's actual investment in the fund. The new Classes performance reflects lower fees than the previous Classes.

Target date fund investing involves risk, principal loss is possible. The principal value of the fund is not guaranteed at any time, including the target date. The target date is the approximate date when investors plan to retire and would likely stop making new investments in the fund.

Each of the Target Date Funds invests its assets in units of a number of underlying Russell Investments Trust Company Funds. The allocation of each Fund assets is based solely on time horizon and will become more conservative over time until approximately the year indicated in the Fund name, at which time the allocation will remain fixed. The asset allocation of the Retirement Fund is fixed. From time to time, the fund manager expects to modify the target asset allocation for any fund and/or the underlying funds in which a fund invests. In addition, the funds may in the future invest in other funds which are not currently underlying funds.

Each of the Target Date Funds seeks to achieve its objective primarily by investing in units of several other Russell Investments Trust Company funds (the "Underlying Funds") representing various asset classes. Each fund is managed pursuant to a quantitative model and employs a dynamic asset allocation strategy. The underlying funds to which the funds allocate their assets, and the percentage allocations will change over time and a fund may not always invest in all of the underlying funds. The funds may also invest in fixed income securities issued or guaranteed by the U.S. government or by its agencies and instrumentalities and in currency futures and options. It is expected that as a fund draws near the end of its term, it may be more effective for it to invest in index and currency futures and options rather than in shares of the underlying funds.

Unless otherwise noted, the Commingled Trust Funds are investment funds of the Russell Investments Commingled Employee Benefit Funds Trust established by Russell Investments Trust Company. They are not funds of Russell Investment Company, nor are mutual funds registered under the Investment Company Act of 1940. Clients may have access to the CEBFT funds only as an overall part of a fiduciary engagement. The CEBFT funds are only available to certain qualified plans.

The Target Date Funds and the underlying Russell Investments Funds are a part of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not mutual funds. These funds are available for certain tax-qualified plans only.

Each of the Target Date Funds, invests its assets in units of a number of underlying Russell Investments Trust Company Funds. The allocation of each Fund's assets is based solely on time horizon and will become more conservative over time until approximately the year indicated in the Fund's name, at which time the allocation will remain fixed. The asset allocation of the Russell Retirement Fund is fixed. From time to time, the fund's manager expects to modify the target asset allocation for any fund and/or the underlying funds in which a fund invests. In addition, the funds may in the future invest in other funds which are not currently underlying funds.

These funds are not intended to be a complete solution to investors retirement income needs. Investors must weigh many factors when considering investing in these funds, including how much an investor will need, how long will the investor need it for, what other sources the investor will have and, if the investor is purchasing shares in an IRA account, whether the fund's target distributions will meet IRS minimum distribution requirements once age 70 1/2 is reached.

Class I Funds

Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Securities products and services offered through Russell Investments Financial Services, LLC, member FINRA (www.finra.org), part of Russell Investments. 

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments. 

Middle capitalization (middle cap) investments involve stocks of companies generally having a market capitalization between $2 billion and $10 billion and considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps). 

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality (which may include lower financial leverage), and/or stable business fundamentals. 

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

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. 

Class S Funds

Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Securities products and services offered through Russell Investments Financial Services, LLC, member FINRA (www.finra.org), part of Russell Investments. 

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments. 

Middle capitalization (middle cap) investments involve stocks of companies generally having a market capitalization between $2 billion and $10 billion and considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps). 

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality (which may include lower financial leverage), and/or stable business fundamentals.

Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries. 

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. Securities may be less liquid and more volatile than US and longer-established non-US markets.

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss.

The Fund invests directly, or indirectly through a wholly-owned subsidiary, in commodity-linked securities that provide exposure to the performance of the collateralized commodity futures market, and in other debt instruments. The Fund may also make investments in derivative instruments, including options, futures, swaps, structured securities and other derivative instruments. Use of derivative instruments may involve certain costs and risks such as liquidity risk, market risk, credit risk and default risk.

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. 

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. 

Investments in infrastructure–related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure–related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

The Global Infrastructure Fund is classified as a "non-diversified fund" under the 1940 Act which means that a relatively high percentage of the fund's assets may be invested in a limited number of issuers. Thus, the fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. 

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. 

The Global Opportunistic Credit Fund is classified as a "non-diversified fund" under the 1940 Act which means that a relatively high percentage of the Fund's assets may be invested in a limited number of issuers. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. 

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes. 

Standard & Poor Corporation is the owner of the trademarks, service marks, and copyrights related to its indexes. Indexes are unmanaged and cannot be invested in directly. 

The trademarks, service marks and copyrights related to the Russell indexes and other materials as noted are the property of their respective owners.

Class Y Funds

Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Securities products and services offered through Russell Investments Financial Services, LLC, member FINRA (www.finra.org), part of Russell Investments. 

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments. 

Middle capitalization (middle cap) investments involve stocks of companies generally having a market capitalization between $2 billion and $10 billion and considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps). 

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality (which may include lower financial leverage), and/or stable business fundamentals. 

Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.

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. Securities may be less liquid and more volatile than US and longer-established non-US markets. 

Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any applicable state and local taxes.
 
Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. 

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

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.

U.S. Equity Funds

An investment in the Russell Institutional Funds Management, LLC, involved certain risks and considerations that prospective investors should evaluate before making a decision to invest. The information provided in this material is for the exclusive use of the recipient for the sole purpose of evaluating the Russell Institutional Funds Management, LLC, private placement. The material may not be reproduced, provided or disclosed to others or used for any other purpose without written authorization. No investment may be made in any fund unless the investor has reviewed the Private Placement Memorandum ("PPM") and the PPM Supplement with respect to the particular fund(s) under consideration. Prospective investors should read all of the materials carefully before investing, and are advised to consult with their own legal, tax and financial advisers as to the consequences of an investment in any fund.

This is a fund of the Russell Institutional Funds Management, LLC; it is a private placement. This fund is not a mutual fund.

Large capitalization (large cap) investments involve stocks of companies generally having a market capitalization between $10 billion and $200 billion. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, representative of the U.S. large capitalization securities market.  

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Russell Investments Trust Company Funds are investment funds of the Russell Investments Trust Company Commingled Employee Benefit Funds Trust. They are not funds of Russell Investment Company, nor a mutual fund registered under the Investment Company Act of 1940. These funds are only available to certain qualified employee benefit plans. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Small capitalization (small cap) investments involve stocks of companies with smaller levels of market capitalization (generally less than $2 billion) than larger company stocks (large cap). Small cap investments are subject to considerable price fluctuations and are more volatile than large company stocks. Investors should consider the additional risks involved in small cap investments. 

Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, representative of the U.S. small capitalization securities market. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

International and Global Equity Funds

An investment in the Russell Institutional Funds Management, LLC, involved certain risks and considerations that prospective investors should evaluate before making a decision to invest. The information provided in this material is for the exclusive use of the recipient for the sole purpose of evaluating the Russell Institutional Funds Management, LLC, private placement. The material may not be reproduced, provided or disclosed to others or used for any other purpose without written authorization. No investment may be made in any fund unless the investor has reviewed the Private Placement Memorandum ("PPM") and the PPM Supplement with respect to the particular fund(s) under consideration. Prospective investors should read all of the materials carefully before investing, and are advised to consult with their own legal, tax and financial advisers as to the consequences of an investment in any fund. 

This is a fund of the Russell Institutional Funds Management, LLC; it is a private placement. This fund is not a mutual fund. 

Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

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. Securities may be less liquid and more volatile than US and longer-established non-US markets. 

The trademarks, service marks, and copyrights related to the indexes are the property of their respective owners. 

Non-US markets entail different risks than those typically associated with US markets, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Securities may be less liquid and more volatile. 

Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.

Fixed Income Funds

An investment in the Russell Institutional Funds Management, LLC, involved certain risks and considerations that prospective investors should evaluate before making a decision to invest. The information provided in this material is for the exclusive use of the recipient for the sole purpose of evaluating the Russell Institutional Funds Management, LLC, private placement. The material may not be reproduced, provided or disclosed to others or used for any other purpose without written authorization. No investment may be made in any fund unless the investor has reviewed the Private Placement Memorandum ("PPM") and the PPM Supplement with respect to the particular fund(s) under consideration. Prospective investors should read all of the materials carefully before investing, and are advised to consult with their own legal, tax and financial advisers as to the consequences of an investment in any fund. 

This is a fund of the Russell Institutional Funds Management, LLC; it is a private placement. This fund is not a mutual fund. 

Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

The trademarks, service marks, and copyrights related to the indexes are the property of their respective owners. 

Bloomberg Capital U.S. Aggregate Bond Index: An index, with income reinvested, generally representative of intermediate-term government bonds, investment grade corporate debt securities, and mortgage-backed securities. 

Real Assets - Priced Daily

An investment in the Russell Institutional Funds Management, LLC, involved certain risks and considerations that prospective investors should evaluate before making a decision to invest. The information provided in this material is for the exclusive use of the recipient for the sole purpose of evaluating the Russell Institutional Funds Management, LLC, private placement. The material may not be reproduced, provided or disclosed to others or used for any other purpose without written authorization. No investment may be made in any fund unless the investor has reviewed the Private Placement Memorandum ("PPM") and the PPM Supplement with respect to the particular fund(s) under consideration. Prospective investors should read all of the materials carefully before investing, and are advised to consult with their own legal, tax and financial advisers as to the consequences of an investment in any fund. 

This is a fund of the Russell Institutional Funds Management, LLC; it is a private placement. This fund is not a mutual fund. 

Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. 

The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss. The Fund may also make investments in derivative instruments, including options, futures, swaps, structured securities and other derivative instruments. Use of derivative instruments may involve certain costs and risks such as liquidity risk, market risk, credit risk and default risk. 

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. 

Dow Jones—UBS Commodity Total Return Index^sm: a broadly diversified collateralized commodities futures index comprised of futures contracts on 20 physical commodities. 

Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. 

Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. 

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. 

The FTSE EPRA/NAREIT Global Real Estate Index Series is designed to represent general trends in eligible listed real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income-producing real estate. The index also includes a range of regional and country indices, Dividend+ indices, Global Sectors, Investment Focus, and a REITs and Non-REITs series. 

This fund may take sizable sector bets relative to the index. 

Private Real Estate - Priced Quarterly

*NCREIF Fund Index Open-End Diversified Core Equity - Equal Weight-Endowment & Foundation Eligible 

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.

The Real Estate Equity Fund is quarterly valued and reported net of fees.

Multi-Asset Funds

This is a fund of the Russell Institutional Funds Management, LLC; it is a private placement. This fund is not a mutual fund. 

An investment in the Russell Institutional Funds Management, LLC, involved certain risks and considerations that prospective investors should evaluate before making a decision to invest. The information provided in this material is for the exclusive use of the recipient for the sole purpose of evaluating the Russell Institutional Funds Management, LLC, private placement. The material may not be reproduced, provided or disclosed to others or used for any other purpose without written authorization. No investment may be made in any fund unless the investor has reviewed the Private Placement Memorandum ("PPM") and the PPM Supplement with respect to the particular fund(s) under consideration. Prospective investors should read all of the materials carefully before investing, and are advised to consult with their own legal, tax and financial advisers as to the consequences of an investment in any fund. 

Investments that are allocated across multiple types of securities may be exposed to a variety of risks based on the asset classes, investment styles, market sectors and size of companies preferred by the advisors. Investors should consider how the combined risks impact their total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal. 

Total Return Fund Ltd.

The Total Return Fund Ltd. is an exempted company incorporated with limited liability in the Cayman Islands under the Companies Law (2010 Revision) of the Cayman Islands. It is offered as a private placement to qualified recipients of the offering for investment purposes only. There can be no assurance that a Fund will achieve its investment objective. An investment in the Fund carries with it a significant degree of risk. The value of Participating Shares may fall as well as rise and investors may not get back the amount originally invested. Accordingly, an investment in the Fund should only be made by persons who are able to bear the risk of loss of all the capital invested. The Fund will be responsible for paying its fees and expenses regardless of the level of its profitability. All prospective shareholders should read the private placement memorandum and the articles of association of the fund before making a decision to purchase participating shares.

The Total Return Fund Ltd. is monthly valued and reported net of all fees for the standard fund class.

The Total Return Fund (Quarterly) Ltd. is a monthly valued fund with fund valuations occurring on the last day of the month. Trade date is the beginning of the day on the 1st of the month with a value of $1000 per share.

In general, alternative investments involve a high degree of risk, including potential loss of principal; can be highly illiquid and can charge higher fees than other investments. Hedge strategies and private equity investments are not subject to the same regulatory requirements as registered investment products. Hedge strategies often engage in leveraging and other speculative investment practices that may increase the risk of investment loss.