SMALL/MID CAP MANAGED ACCOUNTCUSTOMIZABLE EQUITY PORTFOLIO WITH AN EXCEPTIONAL LEVEL OF ACCESS TO
THE WORLD’S LEADING INVESTMENT MANAGERS

Investment objective
The Small/Mid Cap Managed Account seeks to provide long-term capital growth in U.S. small and midcap equities andis designed to outperform the Russell 2500TM Index over a full market cycle.

At-a-glance
Portfolio manager

Megan M. Roach, CFA
Nick Zylkowski, CFA

Inception date

5/1/2007

BenchmarkRussell 2500TM Index

Minimum account size

$60,000

Typical holdings80

Who is this SMA potentially suitable for?
Investors seeking a professionally-managed U.S small and mid-cap equity portfolio designed to offer tax efficiency.

What this SMA offers:

GROWTH THROUGH
AN ACTIVE STOCKPORTFOLIO
Active management
seeking to increase
potential excess return
through stock selection
and sector weights

ACCESS TO THE
WORLD’S LEADINGMANAGERS AND
STRATEGIESCLIENT-CENTRICINVESTMENT
EXPERIENCE*

Diversified exposure tocomplementary investment
managers and strategies
that are “hire” ranked
based on our 50+ years ofrigorous manager research

Ability to select orexclude securities basedon an investor’s personal
preference and theirunique objectives andconstraints

ENHANCEDTAX EFFICIENCY*
Strive to maximize
after-tax wealth byactively managing taxes
throughout the year

* These services are optional and provided by overlay service providers.

Not a Deposit • Not FDIC Insured • May Lose Value • Not Bank Guaranteed• Not Insured by any Federal Government Agency

russellinvestments.com

Investment process
CapitalMarket &ManagerResearch

Portfolio
DesignPortfolio
Construction• Capital market analysis• Establish investment objectives• Minimize tracking error to model• Tax overlay*• Rigorous and continuous
manager research
conducted by specialized
analysts strategicallyplaced around the world• Select and combine investment
managers and strategies• Combine with our preferred positioning• Custom screens*• Obtain model portfolios fromeach underlying investment
manager• Optimize stock selection and sector
weights utilizing rules-based processes,
targeting 80 security portfolios• Rebalance & trade
portfolios

Ongoing
Portfolio
Management* These services are optional and provided by overlay service providers.

Underlying managers and their investment strategies
MONEY MANAGERS**ROLEYEAR ASSIGNED

Ancora Advisors, LLC

Market-Oriented

2019

BAMCO, Inc.

Biotechnology

2022

Copeland Capital Management, LLC

Market-Oriented

2019

DePrince, Race & Zollo, Inc.

Value

2022

Penn Capital Management Company, LLC

Market-Oriented

2023

Polen Capital Management, LLC

Growth2020

Royce & Associates, LPValue

2023

Summit Creek Advisors, LLC

Growth2019** Managers listed above were effective 8/08/2023. These money managers are unaffiliated with Russell Investment Management, LLC (“RIM”) and have nondiscretionary 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.

Ask your financial professional to learn more.
IMPORTANT INFORMATION
Important Risk Disclosures
Please remember that all investments carry somelevel of risk, including the potential loss of principal
invested. They do not typically grow at an even rateof return and may experience negative growth. Aswith any type of portfolio structuring, attempting
to reduce risk and increase return could, at certaintimes, unintentionally reduce returns. Small
capitalization (small cap) investments involvestocks of companies with smaller levels of market
capitalization (generally less than $2 billion) thanlarger company stocks (large cap). Small cap
investments are subject to considerable pricefluctuations and are more volatile than large cap
stocks. Investors should consider the additionalrisks involved in small cap investments.
Separate Accounts is a product of Russell
Investment Management, LLC (”RIM”). Each
Separate Accounts (“Account”) represents acomposite of model portfolios provided by RIM.
Because each client’s investment is implemented
and overseen by a third-party investment adviser
serving as a “centralized portfolio manager,” RIM
provides no investment management services withrespect to the accounts. Investment in one or moreaccounts is not a complete investment program.

Each client's investment in an Account is
implemented and overseen by a third-party
investment adviser that serves as a "centralized
portfolio manager." As a result, neither RIM nor
the third-party investment advisers that provide
model portfolios for use in the Account provide any
investment management services with respect tothe Accounts. The centralized portfolio manager,in its implementation and ongoing managementof an Account for a particular client, may pursue,
among other things, tax management strategies
that may involve trading restrictions and therefore
affect performance results. A client's actual
performance will differ from the Tax-Managed
Small/Mid Cap SMA performance due to a numberof factors, including, but not limited to, programor advisory fees and account related expenses, theclient's investment restrictions, cash flows, timingof investments, rebalancing frequency, etc. Thesefactors will differ across clients.
The Russell 2500TM Index measures theperformance of the 2,500 smallest companies in theRussell 3000® Index, representative of the U.S. small
to medium small capitalization securities market.
The trademarks, service marks and copyrights
related to the Russell indexes and other materials as
noted are the property of their respective owners.

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 of Russell
Investments' employees and Hamilton Lane
Advisors, LLC also hold minority, non-controlling,
ownership stakes.
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 underlicense from Frank Russell Company. The membersof the Russell Investments group of companies
are not affiliated in any manner with Frank Russell
Company or any entity operating under the “FTSERUSSELL” brand.
Copyright © 2024 Russell Investments Group, LLC.
All rights reserved. This material is proprietary andmay not be reproduced, transferred, or distributedin any form without prior written permission fromRussell Investment Group. It is delivered on an “asis” basis without warranty.
First used July 2021 Updated: June 2024.
RIM-03304 (Exp. 06/26)