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JULY 25, 2013 Fixed Income Update and Outlook Kris Ullman, Divisional Director, Eastern Canada Greg Nott, CFA, Chief Investment Officer FOR ADVISOR USE.

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Presentation on theme: "JULY 25, 2013 Fixed Income Update and Outlook Kris Ullman, Divisional Director, Eastern Canada Greg Nott, CFA, Chief Investment Officer FOR ADVISOR USE."— Presentation transcript:

1 JULY 25, 2013 Fixed Income Update and Outlook Kris Ullman, Divisional Director, Eastern Canada Greg Nott, CFA, Chief Investment Officer FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED

2 THIS PUBLICATION IS INTENDED FOR INVESTMENT ADVISORS ONLY AND IS NOT INTENDED FOR, NOR CAN IT BE PROVIDED TO, INVESTORS OR POENTIAL INVESTORS. IT DOES NOT CONSTITUTE A SALES COMMUNICATION AS DEFINED BY NATIONAL INSTRUM , MUTUAL FUNDS. Nothing in this publication 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. This information is made available on an as is basis. Russell investments Canada Limited does not make any warranty or representation regarding the information. Indices and benchmarks are unmanaged and cannot be invested in directly. Returns represent past performance, and are not a guarantee of future performance and are not indicative of any specific investment. Index return information is provided by vendors and although deemed reliable, is not guaranteed by Russell investments or its affiliates. Due to timing of information, indices may be adjusted after the publication of this report. This publication may contain forward-looking statements. Forward-looking statements are statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "plans", "believes", "estimates" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risk, uncertainties and assumptions about economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made in this publication. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors, interest and foreign exchange rates, capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. No model or group of models can offer a precise estimate of future returns available from capital markets. Unless otherwise stated, all yield measures are yield-to-maturity. Yield-to-Maturity: The rate of return anticipated on a bond if it is held until the maturity date. Unless otherwise stated all index data is sourced from © BNY Mellon Asset Servicing. All rights reserved. This report contains Standard & Poors proprietary data and is provided for the recipient's internal use only. p.2 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Important information

3 DEX Indices: Source: PC-Bond, a business unit of TSX Inc. Copyright © TSX Inc All rights reserved. The information contained herein may not be redistributed, sold or modified or used to create any derivative work without the prior written consent of TSX Inc. THE USER AGREES THAT TSX INC. AND THE PARTIES FROM WHOM TSX INC. OBTAINS DATA DO NOT HAVE ANY LIABILITY FOR THE ACCURACY OR COMPLETENESS OF THE DATA PROVIDED OR FOR DELAYS, INTERRUPTIONS OR OMISSIONS THEREIN OR THE RESULTS TO BE OBTAINED THROUGH THE USE OF THIS DATA. THE USER FURTHER AGREES THAT NEITHER TSX INC. NOR THE PARTIES FROM WHOM IT OBTAINS DATA MAKE ANY REPRESENTATION, WARRANTY OR CONDITION, EITHER EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM THE USE OF THE DATA, OR AS TO THE MERCHANTABLE QUALITY OR FITNESS OF THE DATA FOR A PARTICULAR PURPOSE. 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 it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating the MSCI information (collectively, the MSCI Parties) makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and the MSCI Parties hereby expressly disclaim all warranties (including, without limitation, all 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 or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages. The Russell Investments Logo and Indices are a trademark or registered trademark of Frank Russell Company and are used under license by Russell Investments Canada Limited. Russell Investments Canada Limited is a wholly owned subsidiary of Frank Russell Company and was established in Russell Investments Canada Limited and its affiliates, including Frank Russell Company, are collectively known as Russell Investments. Copyright © Russell Investments Canada Limited 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. Date of publication: July RETAIL (EXP ). p.3 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED

4 The investment world today Return assumptions are low, yet return requirements remain high Investors want more certainty than they can afford Increasing uncertainty with fixed income investments FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.4

5 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: Investment Analyzer, as of April, 2013 Products CategoryAverage Advisor Holdings # of Products438 # of Equity Products261 # of Fixed Income (FI) Products105 # of Mutual Funds170 Key RatiosAverage (CAN$) AUM per Product$224,426 AUM per Equity Product$527,352 AUM per FI Product$760,566 p.5 Russell Disciplined Investing Program

6 Source: Russell Disciplined Investing Program. Calculated as of April FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.6 Russell Disciplined Investing Program Average advisor asset allocation

7 p.7 Examples of 2012 financial magazine covers FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED The wall of worry might not be that high in the end

8 p.8 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED What does the future hold? Source: Financial Post, June 3, 2013

9 Part I Fixed Income Review FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.9

10 p.10 Fed tapering comments spook markets FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Past performance is not indicative of future results. Taper tantrum: Bond yields spike An overreaction to Fed comments

11 p.11 Recent GoC Yield Curves Last 30 days Significant spike in yields on mid-term Canadas Less so in short and long end Source: Bloomberg as of July 19, 2013 Data is historical and is not indicative of future results. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED GoC yield curve changes Last 2 years Short yields relatively unchanged Longer term yields still well below 2011 levels

12 p.12 Source: Beutel Goodman, PC Bond. Yield data as of July 2 nd, 2013, illustrating the difference in yield between DEX Long Corporate Index vs. DEX Long Canadas Index. Indexes are unmanaged and cannot be invested in directly. Data is historical and is not indicative of future results. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED (%) Long corporate yield spreads remain attractive

13 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: FactSet, Russell Investments. Note: Data from 12/31/12 – 7/17/2013. Indexes are unmanaged and cannot be invested in directly. Data is historical and is not indicative of future results. Option Adjusted Spread (OAS) Analysis Canada & US Baa Indexes EMD & High Yield Indexes OAS (%) Credit spreads have widened as bond yields rose This is not typical and we expect it to reverse p.13 Credit spreads widened, but started to recover

14 p.14 Outlook: Significant increase in bond yields post-Fed comments appears to be an over- reaction in our opinion We would expect bond yields to stabilize at levels lower than current But 10 year GoCs yields not likely to re-test the 2.0% level We believe rates unlikely to rise significantly from here: Given only slow global growth Given inflation staying low Given central banks will stay accommodative Bond Yields are expected to stay relatively range bound for rest of % % on the 10-year Search for yield trade likely continues – credit spreads could narrow again We still expect modest positive single digit Total Returns for 2013 There is no guarantee that any stated expectations will occur and are subject to change based on economic conditions. Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Russells current fixed income outlook

15 p.15 Sub-adviser positioning comments Beutel, Goodman & Company, Ltd.: Remain bearish on interest rates. Believe that the central banks will be successful in creating economic growth Still positive on long maturity liquid high quality corporates (utilities, pipelines) Canso Investment Counsel Ltd: Still positive on credit but warning signs are increasing - Remain selective on new issuance Underweight to Cdn banks, large overweight to foreign financials (through Maples) Taking profits on longer maturity corps (Rogers, Bell, P3 issues) and re-investing in FRNs - now at 25% exposure. Pacific Investment Mgmt. Company LLC: Expect weak economic growth to continue (below consensus forecast) Central banks stay low for long. Therefore neutral duration Given recent sell-off in credit markets – moving from a risk reduction mode to selectively adding risk – will add to non-domestic IG credit if spreads widen further There is no guarantee that any stated expectations will occur and are subject to change based on economic conditions. Sub-advisers listed are current as of July Russell has the right to engage or terminate a sub-adviser at any time. The investment strategies are the goals of the individual sub-advisers there is no assurance that the exact objective will always be met. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED

16 Why be Active in fixed income? FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.16

17 As yields have declined, and issuers having issued longer maturity debt, durations of benchmarks have increased significantly This increases the benchmarks susceptibility to rate increases As of January 2002, a 100bps increase in yields would result in an approx. index return of 0% over the following 12 months for the DEX Universe Bond Index. As of January 2013, a 100bps increase in yields would result in an approx. index return of -4.5% over the following 12 months for the DEX Universe Bond Index. p.17 Source: PC Bond Analytics, Debt Market Indices This is a hypothetical example and is not meant to represent any actual results. Indexes and/or benchmarks are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. Yield (%) Duration (years) FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Benchmark risk has increased

18 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Duration Management Long duration vs. short duration (vs. the benchmark) Yield Curve Management Bullet vs. Barbell Sector Selection Governments vs. Corporates Skilled Security Selection p.18 Flexibility of active management with fixed- income strategies Off-benchmark opportunities Non-domestic sovereign and corporates Securitized debt Floating Rate Notes Real Return Bonds High Yield/EMD (Hard/Local/Corp) Access to product Retail bond desks starved for inventory Better pricing Competitive retail pricing

19 p.19 Year 1 Impact based on yield and duration of RFIP* as of June 30, 2012: Yield: 2.85%, Duration: 5.88 years. Yr 1 yield change: Aggressive: +1.0%, Moderate: +0.70%, Conservative: +0.25%, *RFIP: Russell Fixed Income Pool Series F Source: Russell Investments. For illustrative purposes only and is meant to demonstrate the hypothetical effect on returns based on different yield scenarios. This is not a forecast of future results and not reflective of actual expectations. Indexes are unmanaged and cannot be invested in directly. Can 10 Yr Yield: 6/29/12 = 1.74% 6/28/13 = 2.44% 1Yr = +0.70% FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Scenario Analysis of the Russell Fixed Income Pool Series F as of June 30, 2012 Difference: +2.8%

20 Russell Fixed Income Pool positioning FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.20

21 p.21 Source: Wilshire Axiom, Russell Investments, Russell Fixed Income Pool Data from Mar 31, 2008 to June 30, Data is historical and is not indicative of future results. Years FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Fixed Income Pool positioning over time

22 p.22 Fixed Income Pool sector positioning over time Source: Wilshire Axiom, Russell Investments, Russell Fixed Income Pool Data from March 31, 2008 to June 30, Data is historical and is not indicative of future results. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Ratio: Overweight/Underweight

23 p.23 Source: Wilshire Axiom, Russell Investments, Russell Fixed Income Pool. Data from March 31, 2008 to June 30, Data is historical and is not indicative of future results. Sub-advisers are current as of June Russell has the right to engage or terminate a sub-adviser at any time. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Deviation from Strategic Weighting (%) Fixed Income Pool sub-adviser positioning over time

24 Other Fixed Income Pool Exposures We are increasing our exposure to FRNs p.24 Short Term Income Pool Fixed Income Pool Current FRN Exposure 20.4%13.6% Real Return Bonds (RRBs) We are very gradually increasing our exposure to RRBs Fixed Income Pool Current RRB Exposure 2.2% Data as of June 30 th, Source: Wilshire Axiom. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Floating Rate Notes (FRNs)

25 Part II Reviewing your Multi- Asset strategy: Russell in Action FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.25

26 p.26 Source: Canada Pension Plan (CPP) as of September 30, 2012, Ontario Teachers Pension Plan (OTPP) 2011 annual report. For OTPP, fixed income allocation is inclusive of negative money market position, Harvard based on policy allocation, Yale based on 2012 report. Numbers may not sum to 100% due to rounding. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Canada Institutional Plans

27 p.27 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: Russell Investments as of July 2013 Russell Income Essentials Portfolio 68% Fixed Income / 32% Equities Target Allocation

28 2009 JUN AUG MAR FEB MAR 2010 hedged USD exposure began incorporating asset class tilts into the portfolios 2011 removed USD hedge US Equity: restructured from 11 sub-advisers to 6 DECAPR MAY DEC US Equity: +Mar Vista, Investment Partners, LLC -Montag & Caldwell AUG added strategic Short Term Income exposure Added strategic Focused Canadian Equity and Focused US Equity exposures 2012 p.28 Sub-advisers are current as of the specified date. Russell has the right to engage or terminate a sub-adviser at any time. Strategic allocation enhancements Other enhancements Global Equity: +Sustainable, -Marsico Capital Management Added strategic Global High Income Bond exposure Global Equity: +Sanders Capital, LLC added strategic Canadian Dividend exposure FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Russell Income Essentials Portfolio evolution

29 p.29 MAR p.29 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED MAY JUL Russell Income Essentials Portfolio evolution Strategic allocation enhancements Other enhancements 2013 Global High Income Bond Pool: +Lazard Asset Management (Canada), Inc. added strategic Infrastructure and Real Estate exposures JAN Global Equity Pool: +Numeric Investors LLC, +Wellington Management Company, LLP -Arrowstreet Capital L.P. - McKinley Capital Management Canadian Dividend Pool: +Invesco Canada Ltd. Sub-advisers are current as of the specified date. Russell has the right to engage or terminate a sub-adviser at any time.

30 p.30 RIEP Actual vs. Russell 36/65 Composite* Cumulative Return (%) FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: Russell Investments, Confluence Past performance is not indicative of future results. *The Russell 35/65 Composite, Series F represents the actual allocation of RIEP in Allocation is 33% Fixed Income Pool, 32% Core Plus Pool, 12% Canadian Equity Pool, 7% US Equity Pool, 8% Overseas Equity Pool, and 8% Global Equity Pool. Portfolio weights rebalanced back to target quarterly. The cumulative returns were calculated by taking a percentage of each of the pools return, net of Series F management fees and expenses. Russell 35/65 Composite Russell Income Essentials Portfolio evolution

31 p.31 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: Russell Investments as of July 2013 Russell Diversified Monthly Income 43% Fixed Income / 57% Equities Target Allocation

32 2009 JUNMAR FEB MARAPR 2010 EM Equity: restructured, added strategic EM Equity and Frontiers exposure 2011 removed USD hedge DEC Added strategic Global High Income Bond exposure hedged USD exposure began incorporating asset class tilts into the portfolios NOV added strategic Smaller Companies exposure US Equity: restructured from 11 sub-advisers to 6 JANDEC APR MAY 2012 Sub-advisers are current as of the specified date. Russell has the right to engage or terminate a sub-adviser at any time. Strategic allocation enhancements Other enhancements Global Equity: +Sanders Capital, LLC Cdn Equity: +Clarivest Asset Management LLC, - Greystone Management Investments Inc. US Equity: +Mar Vista Investment Partners, L.P., -Montag & Caldwell Global Equity: +Sustainable, -Marsico Capital Management Cdn Equity: +QV Investors Inc., - GCIC Ltd. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.32 Russell Diversified Monthly Income Portfolio evolution

33 p.33 MAR JAN added strategic Infrastructure and Real Estate exposures Global High Income Bond: +Lazard Asset Management (Canada), Inc. MAY Global Equity Pool: +Numeric Investors, +Wellington Management, -Arrowstreet Capital, - McKinley Capital JUN US Equity Pool: +Fiduciary Management, -First Eagle, -PENN Capital Sub-advisers are current as of the specified date. Russell has the right to engage or terminate a sub-adviser at any time. FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Russell Diversified Monthly Income Portfolio evolution Strategic allocation enhancements Other enhancements 2013

34 Russell Diversified Monthly Income Portfolio evolution p.34 RDMIP Actual vs. Russell 60/40 Composite* Cumulative Return (%) FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Source: Russell Investments, BNYMellon Workbench Past performance is not indicative of future results. *The Russell 60/40 Composite, Series F represents the actual allocation of RDMIP in Allocation is 20% Fixed Income Pool, 20% Core Plus Pool, 20% Canadian Equity Pool, 13.33% US Equity Pool, 13.33% Overseas Equity Pool, and 13.33% Global Equity Pool. Portfolio weights rebalanced back to target quarterly. The cumulative returns were calculated by taking a percentage of each of the pools return, net of Series F management fees and expenses. Russell 60/40 Composite

35 p.35 We believe bond yields will stabilize around current levels for remainder of 2013 But Fixed Income total returns will remain low Therefore, at the Total Portfolio level, moderate to conservative investors will need to embrace more growth than times past, realizing that this will also increase risk Growth, however, does not necessarily equate to equity Diversify sources of risk Growth exposure via fixed income = High Yield & EMD Growth exposure via non-traditional = GRE, GI, Commodities, Frontiers Mkt GOAL: Enhance total portfolio experience via improved risk-adjusted returns Consider actively-managed, globally diversified multi-asset strategies p.35 FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED Takeaways

36 Russell, Russell Investments, Russell 1000, Russell 2000, and Russell 3000 are registered trademarks of the Frank Russell Company. Q & A

37 Russells Fixed Income Line Up FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED p.37

38 Russell Fixed Income Line-up *® Registered trademarks of Royal Bank of Canada. Used under license. As you move from left to right on the graph - increasing risk - there are different portfolios that can offer higher return potential, which is also matched by higher loss potential. As with any type of portfolio structuring, attempting to increase return or reduce risk can result in unintentional reduction of returns. See the prospectus section "Who should invest in this fund?" for more information. Sub-advisers are current as of April Russell has the right to engage or terminate a sub-adviser at any time. HIGHERLOWER HIGHER RISK POTENTIAL RETURN RUSSELL SHORT TERM INCOME POOL RUSSELL FIXED INCOME POOL RUSSELL CORE PLUS FIXED INCOME POOL RUSSELL GLOBAL HIGH INCOME BOND POOL RUSSELL LIFEPOINTS FIXED INCOME PORTFOLIO 38 p.38 RUSSELL LIFEPOINTS CONSERVATIVE INCOME PORTFOLIO FOR ADVISOR USE ONLY. DISTRIBUTION OR DISCLOSURE TO INVESTORS OR POTENTIAL INVESTORS IS PROHIBITED

39 Russell, Russell Investments, Russell 1000, Russell 2000, and Russell 3000 are registered trademarks of the Frank Russell Company. Thank you


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