INTERNATIONAL MANAGED ACCOUNTCUSTOMIZABLE EQUITY PORTFOLIO WITH AN EXCEPTIONAL LEVEL OF ACCESSTO THE WORLD’S LEADING INVESTMENT MANAGERS

Investment objective
The International Managed Account seeks to provide long-term capital growth from non-U.S. developed markets and isdesigned to outperform the MSCI World ex USA (Net) Index over a full market cycle.

At-a-glance
Portfolio manager

Jordan McCall, CFA
Nick Zylkowski, CFA

Inception date

9/1/2019

Benchmark

MSCI World ex USA (Net) Index

Minimum account size

$60,000

Typical holdings80

Who is this SMA potentially suitable for?
Investors seeking a professionally-managed developed international 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
DesignOngoing
Portfolio
Management

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

Underlying managers and their investment strategies
MONEY MANAGERS**ROLEYEAR ASSIGNEDIntermede Investment Partners Limited and Intermede Global Partners Inc.

Growth

2019

Pzena Investment Management, LLCValue

2019

Wellington Management Company LLP

Growth / Value

2019** Managers listed above were effective 12/31/2019. 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 theirinvestment 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 carrysome level of risk, including the potential lossof principal invested. They do not typicallygrow at an even rate of return and may
experience negative growth. As with any typeof portfolio structuring, attempting to reducerisk and increase return could, at certain
times, unintentionally reduce returns. NonU.S. markets, which may include developed,emerging, and frontier markets, entail different
risks than those typically associated with U.S.
markets, including currency fluctuations,political and economic instability, accountingchanges and foreign taxation. Non-U.S.
securities may be less liquid and more volatile
than U.S. securities. The risks associatedwith non-U.S. securities may be amplified foremerging markets securities.
Separate Accounts is a product of Russell
Investment Management, LLC (”RIM”). Each
Separate Accounts (“Account”) represents
a composite of model portfolios provided
by RIM. Because each client’s investment is
implemented and overseen by a third-party
investment adviser serving as a “centralizedportfolio manager,” RIM provides no investment
management services with respect to theaccounts. Investment in one or more accounts 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 "centralizedportfolio manager." As a result, neither RIM
nor the third-party investment advisers thatprovide model portfolios for use in the Accountprovide any investment management services
with respect to the Accounts. The centralized
portfolio manager, in its implementation andongoing management of an Account for aparticular client, may pursue, among otherthings, tax management strategies that may
involve trading restrictions and therefore
affect performance results. A client's actual
performance will differ from the Tax-Managed
International SMA performance due to a numberof factors, including, but not limited to, programor advisory fees and account related expenses,
the client's investment restrictions, cash flows,
timing of investments, rebalancing frequency,etc. These factors will differ across clients.
MSCI World ex USA Index: Index captures large
and 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 byReverence Capital Partners, L.P. Certain ofRussell Russell Investments' employees andHamilton Lane Advisors, LLC also hold minority,
non-controlling, 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 Frank
Russell 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 without
warranty.
First used July 2021. Updated: June 2024.
RIM-03305 (Exp. 06/26)