PERSONALIZED CORE EQUITY SMABROADLY DIVERSIFIED GLOBAL EQUITY PORTFOLIODESIGNED TO OFFER A HIGH LEVEL OF PERSONALIZATION AT
AN ATTRACTIVE COST

Investment objective
The Personalized Core Equity SMA seeks to provide long-term capital growth through an allocation to U.S. and International
stocks while also delivering customized investment outcomes by incorporating client-directed customization, e.g., tax
management and custom screens. The strategy is designed to outperform a blended index of the Russell 3000® Index andthe MSCI World ex USA (Net) Index over a full market cycle.
Underlying SMAs

At-a-glance
Portfolio manager

Jordan McCall, CFA®
Nick Zylkowski, CFA®

Inception date

2/1/2021

Benchmark

70% Russell 3000 Index
30% MSCI World ex USA (Net) Index

Minimum account size

$500,000

Typical holdings range

350–550

30%

57%
®

13%

n Personalized DI Large Cap SMAn Personalized Small/Mid Cap SMAn Personalized International SMA
The percentages represent the target allocation
as of 12/31/2023 and may change in the future.

For whom is this SMA potentially suitable?
• Investors seeking a high level of personalization, e.g., tax management, category and theme-based restrictions,market exposure, return objectives.
• Investors seeking a total equity portfolio solution that combines active and lower-cost direct indexing within asingle SMA helping to meet growth outcomes.
• Investors seeking a professionally-managed growth portfolio with diversified exposure to both domestic andinternational equity markets.

Customizing the Personalized Core Equity SMA to your unique needs and preferences
Ongoing tax management to help maximize after tax returns
Develop an optimal tax-efficient transition planAlign your preferences and your investments
Diversify a concentrated stock position
Limit purchases in stocks or industries you already own

russellinvestments.com

Russell Investments portfolio personalization process

Model
DesignPortfolio
Personalization

Portfolio
Construction

On-going
Portfolio
Management• Identify attractive market
segments with quantitative
signals (cycle, valuation,sentiment)• Establish investment
objectives• Create optimal
personalized portfolio thataims to minimize tracking
error to selected strategy• Rebalance as needed toalign with personalized
strategy to help minimize
tracking error• Balance tax considerations
if applicable• If taxable, rebalance taxefficiently and harvest
losses opportunistically• Incorporate client-directed
personalization, e.g.,• Apply capital market forecasts
and develop strategic asset
allocation• Continuous monitoring ofmarkets and updates to strategic
allocations when appropriate– Tax-managed overlay– Transition management– Custom restrictions

Portfolio components and underlying managers
Personalized Core Equity SMA offers a globally diversified equity portfolio comprised of a direct indexed SMA and twoactive market cap-focused SMAs in order to provide optimal portfolio customization and risk management.
SMA TYPE

SMA

MONEY MANAGER*ROLE

Directindexed SMA

Personalized DI
Large Cap SMA

Russell Investment Management, LLC

Direct Indexing

Ancora Advisors, LLC

Market-Oriented

BAMCO, Inc.

Biotechnology

DePrince, Race & Zollo, Inc.

Value

Copeland Capital Management, LLC

Market-Oriented

Penn Capital Management, LLC

Market-Oriented

Polen Capital Management, LLC

GrowthRoyce & Associated, LP

Value

Summit Creek Advisors, LLC

GrowthIntermede Investment Partners Limited

GrowthPzena Investment Management, LLC

Value

Wellington Management Company LLP

Growth / Value

Activelymanaged SMA

Activelymanaged SMA

Personalized
Small/Mid Cap SMA

Personalized InternationalSMA*Managers listed above are current as of 8/8/2023. These money managers are unaffiliated with Russell Investment Management, LLC (“RIM”) and have non-discretionary
asset management assignments pursuant to which they provide a model portfolio to RIM representing their investment recommendations. RIM may change portfolio asset
allocation at any time, including not allocating portfolio assets to one or more money manager strategies or securities within a money manager's model portfolio.
Russell Investments / Personalized Core Equity SMA/ 2

Ask your financial professional to learn more.
With Russell Investments' separately managed accounts, you can leverage a sophisticated investment approach andin-depth manager research backed up by Russell Investments' 50+ years of experience providing investment solutions
to global institutional investors. Connect with your financial advisor to learn how you can benefit from this sameinvestment approach and personalize your wealth-building strategy to meet your desired outcomes.

IMPORTANT RISK DISCLOSURES
Each Personalized Separately Managed
Account is a product of Russell Investment
Management, LLC (”RIM”) and offered through
RIM’s Personalized Managed Accounts(“PMA”) program. It represents a model
portfolio provided by RIM. For active SMAs, it
reflects a composite of third-party investment
advisors selected by RIM. When the model isimplemented, PMA is a separately managed
account program of individually owned
securities that can be tailored to meet investor’sinvestment objectives. RIM offers diversified,single or multi-asset managed accounts thatcan be customized to the investor’s investment
objectives, circumstances and preferences, suchas (but not limited to), market exposure, risk
management, tax management, category andtheme-based restrictions, and return objectives.
Excluding any allocations to pooled investment
vehicles, if any, each investor’s account ismanaged separately from other investor
accounts, allowing for a personalized experience
to deliver unique investment outcomes.
Diversification and strategic asset allocation do
not assure a profit or guarantee against loss indeclining markets. Please remember that all
investments carry some level of risk. There areno assurances that the objectives stated in thismaterial will be met. Investment in one or more
separately managed accounts is not a complete
investment program and involves risk; principal
loss is possible. The principal value of theaccount is not guaranteed at any time.
Investments in small cap, micro cap, andcompanies with capitalization smaller than theRussell 2000® Index, are subject to the risks ofcommon stocks, may experience considerable

price fluctuations and are more volatile thanlarge company stocks. Generally, the smaller thecompany size, the greater the risks.
Investments in global equity may be significantly
affected by political or economic conditions
and regulatory requirements in a particularcountry. International markets can involve risks
of currency fluctuation, political and economic
instability, different accounting standards andforeign taxation. Emerging or frontier markets
involve exposure to economic structures thatare generally less diverse and mature. The lessdeveloped the market, the riskier the security.
Such securities may be less liquid and morevolatile.
The decision to use PMA in investors’ portfolios
and related investment advice are provided
through financial advisors and other financial
intermediaries that are independent of RIM
and its affiliates. Investors should consult theirfinancial advisor to determine which services
and programs are appropriate to meet theirinvestment objectives.
Nothing contained in this material is intended
to constitute legal, tax, securities or investment
advice, nor an opinion regarding theappropriateness of any investment. The general
information contained in this publication should
not be acted upon without obtaining specificlegal, tax and investment advice from a licensed
professional.
Russell 3000® Index: Index measures theperformance of the largest 3000 U.S. companies
representing approximately 98% of theinvestable U.S. equity market.
The trademarks, service marks and copyrights
related to the Russell indexes and other

Russell Investments / Personalized Core Equity SMA

materials as noted are the property of theirrespective owners.
MSCI World ex USA Index: Index captures largeand mid cap representation across 22 of 23
Developed Markets countries—excluding theUnited States. With 1,008 constituents, the index
covers approximately 85% of the free floatadjusted market capitalization in each country.
Russell Investments’ ownership is composed ofa majority stake held by funds managed by TA
Associates Management, L.P., with a significant
minority stake held by funds managed by
Reverence Capital Partners, L.P. Certain ofRussell Investments’ employees and Hamilton
Lane Advisors, LLC also hold minority, noncontrolling, ownership stakes.
Frank Russell Company is the owner of theRussell trademarks contained in this material
and all trademark rights related to the Russell
trademarks, which the members of theRussell Investments group of companies arepermitted to use under license from FrankRussell Company. The members of the Russell
Investments group of companies are notaffiliated in any manner with Frank Russell
Company or any entity operating under the“FTSE RUSSELL” brand.
Copyright © 2024 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 Investment
Group. It is delivered on an “as is” basis withoutwarranty.
First used March 2021. Updated: April 2024.
RIM-03212 (Exp. 4/26)/ 3