0001193125-14-036974.txt : 20140602 0001193125-14-036974.hdr.sgml : 20140602 20140205164035 ACCESSION NUMBER: 0001193125-14-036974 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20140414 FILED AS OF DATE: 20140205 DATE AS OF CHANGE: 20140205 EFFECTIVENESS DATE: 20140205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUSSELL INVESTMENT CO CENTRAL INDEX KEY: 0000351601 IRS NUMBER: 911151059 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03153 FILM NUMBER: 14576628 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 800-787-7354 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: RUSSELL FRANK INVESTMENT CO DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Russell Exchange Traded Funds Trust CENTRAL INDEX KEY: 0001469030 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22320 FILM NUMBER: 14576629 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 206-505-7877 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: U.S. One Trust DATE OF NAME CHANGE: 20090724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUSSELL INVESTMENT FUNDS CENTRAL INDEX KEY: 0000824036 IRS NUMBER: 911717303 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05371 FILM NUMBER: 14576630 BUSINESS ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 800-787-7354 MAIL ADDRESS: STREET 1: 1301 SECOND AVENUE STREET 2: 18TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 FORMER COMPANY: FORMER CONFORMED NAME: RUSSELL INSURANCE FUNDS DATE OF NAME CHANGE: 19960918 0000351601 S000001569 Russell Emerging Markets Fund C000004230 Class S REMSX C000004231 Class C REMCX C000004232 Class E REMEX C000043464 Class A REMAX C000066900 Class Y REMYX 0000351601 S000001570 Russell Tax-Managed U.S. Large Cap Fund C000004233 Class S RETSX C000004234 Class C RTLCX C000004235 Class E RTLEX C000089689 Class A RTLAX 0000351601 S000001571 Russell Tax-Managed U.S. Mid & Small Cap Fund C000004236 Class S RTSSX C000004237 Class C RTSCX C000004238 Class E RTSEX C000089690 Class A RTSAX 0000351601 S000001573 Russell U.S. Dynamic Equity Fund C000004243 Class S RSGSX C000004244 Class C RSGCX C000004245 Class E RSGEX C000004246 Class I RSGIX C000117394 Class A RSGAX C000117395 Class Y RSGTX 0000351601 S000001575 Growth Strategy Fund C000004249 Class R3 RALDX C000004250 Class A RALAX C000004251 Class C RALCX C000004252 Class E RALEX C000004253 Class S RALSX C000027574 Class R1 RALRX C000027575 Class R2 RALTX 0000351601 S000001576 Balanced Strategy Fund C000004254 Class R3 RBLDX C000004255 Class A RBLAX C000004256 Class C RBLCX C000004257 Class E RBLEX C000004258 Class S RBLSX C000027576 Class R1 RBLRX C000027577 Class R2 RBLTX 0000351601 S000001577 Moderate Strategy Fund C000004259 Class R3 RMLDX C000004260 Class A RMLAX C000004261 Class C RMLCX C000004262 Class E RMLEX C000004263 Class S RMLSX C000027578 Class R1 RMLRX C000027579 Class R2 RMLTX 0000351601 S000001578 Conservative Strategy Fund C000004264 Class R3 RCLDX C000004265 Class A RCLAX C000004266 Class C RCLCX C000004267 Class E RCLEX C000004268 Class S RCLSX C000027580 Class R1 RCLRX C000027581 Class R2 RCLTX 0000351601 S000001579 Russell Global Real Estate Securities Fund C000004269 Class S RRESX C000004270 Class C RRSCX C000004271 Class E RREEX C000043465 Class A RREAX C000066901 Class Y RREYX 0000351601 S000001580 Equity Growth Strategy Fund C000004272 Class R3 RELDX C000004273 Class A REAAX C000004274 Class C RELCX C000004275 Class E RELEX C000004276 Class S RELSX C000027582 Class R1 RELRX C000027583 Class R2 RELTX 0000351601 S000001582 2020 Strategy Fund C000004281 Class A RLLAX C000004282 Class R3 RLLDX C000004283 Class E RLLEX C000004284 Class S RLLSX C000027586 Class R1 RLLRX C000027587 Class R2 RLLTX 0000351601 S000001583 2030 Strategy Fund C000004285 Class A RRLAX C000004286 Class R3 RRLDX C000004287 Class E RRLEX C000004288 Class S RRLSX C000027588 Class R1 RRLRX C000027589 Class R2 RRLTX 0000351601 S000001584 2040 Strategy Fund C000004289 Class A RXLAX C000004290 Class R3 RXLDX C000004291 Class E RXLEX C000004292 Class S RXLSX C000027590 Class R1 RXLRX C000027591 Class R2 RXLTX 0000351601 S000001585 Russell U.S. Core Equity Fund C000004293 Class I REASX C000004294 Class E REAEX C000004295 Class Y REAYX C000066902 Class A RSQAX C000066903 Class C REQSX C000066904 Class S RLISX 0000351601 S000001586 Russell U.S. Small Cap Equity Fund C000004296 Class I REBSX C000004297 Class E REBEX C000004298 Class Y REBYX C000066905 Class A RLACX C000066906 Class C RLECX C000066907 Class S RLESX 0000351601 S000001587 Russell Investment Grade Bond Fund C000004299 Class I RFASX C000004300 Class E RFAEX C000004301 Class Y RFAYX C000053055 Class C RFACX C000053056 Class S RFATX C000089691 Class A RFAAX 0000351601 S000001588 Russell International Developed Markets Fund C000004302 Class I RINSX C000004303 Class E RIFEX C000004304 Class Y RINYX C000066908 Class C RLNCX C000066909 Class S RINTX C000066910 Class A RLNAX 0000351601 S000001589 Russell Strategic Bond Fund C000004305 Class I RFCSX C000004306 Class E RFCEX C000004307 Class Y RFCYX C000066911 Class A RFDAX C000066912 Class C RFCCX C000066913 Class S RFCTX 0000351601 S000001591 Russell U.S. Defensive Equity Fund C000004311 Class I REDSX C000004312 Class E REQEX C000004313 Class Y REUYX C000066914 Class A REQAX C000066915 Class C REQCX C000066916 Class S REQTX 0000351601 S000001599 Russell Tax Exempt Bond Fund C000004330 Class S RLVSX C000004331 Class C RTECX C000004332 Class E RTBEX C000089692 Class A RTEAX 0000351601 S000001601 Russell Short Duration Bond Fund C000004336 Class S RFBSX C000004337 Class C RSBCX C000004338 Class E RSBEX C000043470 Class A RSBTX C000066918 Class Y RSBYX 0000351601 S000015554 Russell Global Equity Fund C000042371 Class A RGEAX C000042372 Class C RGECX C000042373 Class E RGEEX C000042374 Class S RGESX C000066919 Class Y RLGYX 0000351601 S000021363 2015 Strategy Fund C000061004 R1 RKLRX C000061005 R2 RKLTX C000061006 R3 RKLDX 0000351601 S000021364 2025 Strategy Fund C000061007 R1 RPLRX C000061008 R2 RPLTX C000061009 R3 RPLDX 0000351601 S000021365 2035 Strategy Fund C000061010 R1 RVLRX C000061011 R2 RVLTX C000061012 R3 RVLDX 0000351601 S000021366 2045 Strategy Fund C000061013 R1 RWLRX C000061014 R2 RWLTX C000061015 R3 RWLDX 0000351601 S000021367 2050 Strategy Fund C000061016 R1 RYLRX C000061017 R2 RYLTX C000061018 R3 RYLYX 0000351601 S000021368 In Retirement Fund C000061019 R1 RZLRX C000061020 R2 RZLTX C000061021 R3 RZLDX C000089693 Class A RZLAX 0000351601 S000028091 Russell Commodity Strategies Fund C000085554 Class A RCSAX C000085555 Class C RCSCX C000085556 Class E RCSEX C000085557 Class S RCCSX C000085558 Class Y RCSYX 0000351601 S000029198 Russell Global Infrastructure Fund C000089834 Class A RGIAX C000089835 Class C RGCIX C000089836 Class E RGIEX C000089837 Class S RGISX C000089838 Class Y RGIYX 0000351601 S000029199 Russell Global Opportunistic Credit Fund C000089839 Class Y RGCYX C000089840 Class A RGCAX C000089841 Class C RGCCX C000089842 Class E RCCEX C000089843 Class S RGCSX 0000351601 S000030345 2055 Strategy Fund C000093339 R1 RQLRX C000093340 R2 RQLTX C000093341 R3 RQLDX 0000351601 S000035752 Russell U.S. Large Cap Equity Fund C000109587 Class A RLCZX C000109588 Class C RLCCX C000109589 Class S RLCSX 0000351601 S000035753 Russell U.S. Mid Cap Equity Fund C000109590 Class A RMCAX C000109591 Class C RMCCX C000109592 Class S RMCSX 0000351601 S000037187 Russell Multi-Strategy Alternative Fund C000114539 Class A RMSAX C000114540 Class C RMSCX C000114541 Class E RMSEX C000114542 Class S RMSSX C000114543 Class Y RMSYX 0000351601 S000037466 Russell U.S. Strategic Equity Fund C000115674 Class A RSEAX C000115675 Class C RSECX C000115676 Class E RSEEX C000115677 Class S RSESX 0000351601 S000037801 Russell Strategic Call Overwriting Fund C000116595 Class A ROWAX C000116596 Class C ROWCX C000116597 Class E ROWEX C000116598 Class S ROWSX 0000824036 S000006863 Multi-Style Equity Fund C000018545 Multi-Style Equity Fund RIFAX 0000824036 S000006864 Aggressive Equity Fund C000018546 Aggressive Equity Fund RIFBX 0000824036 S000006865 Non-U.S.Fund C000018547 Non-U.S.Fund RIFCX 0000824036 S000006866 Global Real Estate Securities Fund C000018548 Global Real Estate Securities Fund RIFSX 0000824036 S000006867 Core Bond Fund C000018549 Core Bond Fund RIFDX 0000824036 S000017037 Moderate Strategy Fund C000047304 Moderate Strategy Fund RIFGX 0000824036 S000017038 Balanced Strategy Fund C000047305 Balanced Strategy Fund RIFHX 0000824036 S000017039 Growth Strategy Fund C000047306 Growth Strategy Fund RIFIX 0000824036 S000017040 Equity Growth Strategy Fund C000047307 Equity Growth Strategy Fund RIFJX 0001469030 S000026772 Russell Equity ETF C000080415 ETF Shares DEF 14A 1 d665577ddef14a.htm DEFINITIVE PROXY STATEMENT Definitive Proxy Statement
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Filed by the registrant  x                             Filed by a party other than the registrant  ¨

Check the appropriate box:

 

¨   Preliminary proxy statement
¨   Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
x   Definitive proxy statement
¨   Definitive additional materials
¨   Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12

RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

RUSSELL EXCHANGE TRADED FUNDS TRUST

(Name of Registrant as Specified in its Charter)

NOT APPLICABLE

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

x   No fee required.
¨   Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
  1.  

Title of each class of securities to which transaction applies:

 

     

  2.  

Aggregate number of securities to which transaction applies:

 

     

  3.  

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

 

     

  4.  

Proposed maximum aggregate value of transaction:

 

     

  5.  

Total fee paid:

 

     

¨   Fee paid previously with preliminary materials.
¨   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
  1.  

Amount Previously Paid:

 

     

  2.  

Form, Schedule or Registration Statement No.:

 

     

  3.  

Filing Party:

 

     

  4.  

Date Filed:

 

     

 

 

 

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RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

RUSSELL EXCHANGE TRADED FUNDS TRUST

1301 Second Avenue, 18th Floor, Seattle, WA 98101

 

 

IMPORTANT SHAREHOLDER INFORMATION

 

 

This document contains a Joint Proxy Statement and proxy card(s) for an upcoming shareholder meeting of Russell Investment Company, Russell Investment Funds and Russell Exchange Traded Funds Trust (the “Trusts”). A proxy card is, in essence, a ballot. When you vote using a proxy card, you appoint an individual named on the card to act as your proxy at the actual shareholder meeting and you instruct that individual as to how to vote on your behalf at the shareholder meeting. The proxy card(s) may be completed by checking the appropriate box and voting for or against the proposal. If you simply sign the proxy without specifying a vote, your shares will be voted in accordance with the recommendation of the Board of Trustees.

We are providing proxy material access to shareholders through the Internet. You can access proxy materials and vote at www.proxyvote.com. Details regarding the matters to be acted upon at this special meeting are described in the Notice Regarding the Availability of Proxy Materials you received in the mail.

Please read the Joint Proxy Statement and cast your vote through the Internet or by telephone by following the instructions on your Notice Regarding the Availability of Proxy Materials and at www.proxyvote.com, or if you have requested or received a proxy card by mail, you may vote by signing, voting and returning that proxy card in the envelope provided. Voting your proxy, and doing so promptly, ensures that the Trusts will not need to conduct additional mailings.

Please exercise your right to vote. Thank you.

 

 

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IMPORTANT NOTICE

Although we recommend that you read the complete Joint Proxy Statement, for your convenience we have provided a brief overview of the proposals. The information provided under the “Questions and Answers” section below is qualified in its entirety by reference to the Joint Proxy Statement.

QUESTIONS AND ANSWERS

Why am I receiving this Joint Proxy Statement?

The Board of Trustees is asking you to vote on the following proposals:

PROPOSAL 1: To elect members to the Boards of Trustees (collectively, the “Board”) of Russell Investment Company (“RIC”), Russell Investment Funds (“RIF”) and Russell Exchange Traded Funds Trust (“RET”) (each, a “Trust” and collectively, the “Trusts”).

The Trusts are currently served by a single set of trustees (the “Trustees”), whereby all trustees serve on the Board of each Trust. The Trusts are sponsored by Russell Investment Management Company (“RIMCo” or the “Manager”), who serves as the investment adviser of each of the separate series of the Trusts (each, a “Fund” and collectively, the “Funds”).

At their meeting held on December 4, 2013, the Trustees determined to present the election of the Trustees who have not been previously elected by the Shareholders (collectively, the “Trustee Nominees”) to hold office until such Trustee Nominee sooner dies, retires, resigns or is removed, as provided for in the Trusts’ organizational documents. Each of RIC, RIF and RET currently have eight Trustees, five of whom have previously been elected by RIC and RIF Shareholders and seven of whom have previously been elected by RET Shareholders. Proposal 1 will not affect the status of those Trustees previously elected by RIC, RIF and RET Shareholders. If any Trustee Nominee does not receive a plurality of all outstanding shares of the Trust voting, such Trustee Nominee will remain on the Board of such Trust as a non-shareholder elected Trustee. RIC and RIF also have one Trustee Emeritus. The Trustee Emeritus does not have the power to vote on matters coming before the Board, or to direct the vote of any Trustee, and generally is not responsible or accountable in any way for the performance of the Board’s responsibilities.

For purposes of Proposal 1, you are entitled to vote if you own shares in any one or more Funds as of the close of the Record Date (defined below) and your vote will be counted together with the votes of Shareholders of other Funds in the same Trust.

PROPOSAL 2: To approve the reclassification of the investment objective of the following RIC Funds from “fundamental” to “non-fundamental” (the “Proposed Reclassifications”): the Russell U.S. Defensive Equity Fund, Russell Investment Grade Bond Fund and Russell International Developed Markets Fund (for purposes of Proposal 2, each, a “Proposal 2 Fund”).

For purposes of the Proposed Reclassifications in Proposal 2, you are entitled to vote if you own shares in any one or more Proposal 2 Funds as of the close of the Record Date (defined below) and your vote with respect to one Proposal 2 Fund in which you hold shares will be counted together with the votes of other Shareholders of such Proposal 2 Fund. A vote for a Proposed Reclassification with respect to one Proposal 2 Fund will not affect the approval of the Proposed Reclassification with respect to any other Proposal 2 Fund.

Why am I being asked to adopt the Proposed Reclassifications?

The Proposed Reclassifications will provide RIMCo with additional flexibility to conduct the investment program of each Proposal 2 Fund. However, if the Proposed Reclassifications are approved by Shareholders of the Proposal 2 Funds, a change to the investment objective of a Proposal 2 Fund would still need to be approved

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by the Board, which, through its Investment Committee, reviews and monitors the investment strategies and investment performance of the Funds, including the Proposal 2 Funds. Subsequent to the Proposed Reclassification, RIMCo would then be able to respond to changing market conditions and circumstances consistent with applicable laws, without the potential for the expense and delay that may be associated with arranging for a Shareholder meeting to approve changes in a Proposal 2 Fund’s investment objective.

How do the Trustees suggest that I vote?

After careful consideration, the Trustees, including the Independent Trustees of the Board, unanimously recommend that you vote “FOR” each proposal listed on the proxy card.

Why do the Trustees recommend that I vote “FOR” each of the proposals?

PROPOSAL 1: The Trustees believe that each Trustee Nominee’s experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustee Nominees and the Board, collectively, lead to the conclusion that the Trustee Nominees possess the requisite experience, qualifications, attributes and skills to serve on the Board. The Trustees believe that the Trustee Nominees’ ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with RIMCo, other service providers, legal counsel and independent public accountants; and to exercise effective business judgment in the performance of their duties as Trustees, support this conclusion. The Trustees have also considered the contributions that each Trustee Nominee can make to the Board and each Trust. Additionally, in considering the Trustee Nominees, the Trustees took into account the concern for the continued efficient conduct of the Trusts’ business. In particular, the Trustees considered the requirements of the Investment Company Act of 1940, and any amendments thereto, as they apply to the election of Trustees generally and the Trustee Nominees in particular.

PROPOSAL 2: The Trustees recommend that Shareholders vote to reclassify the Proposal 2 Funds’ respective investment objectives from “fundamental” to “non-fundamental” in order to provide RIMCo with additional flexibility to conduct the investment program of each Proposal 2 Fund. However, if the Proposed Reclassifications are approved by Shareholders of the Proposal 2 Funds, a change to the investment objective of a Proposal 2 Fund would still need to be approved by the Board, which, through its Investment Committee, reviews and monitors the investment strategies and investment performance of the Funds, including the Proposal 2 Funds. Subsequent to the Proposed Reclassification, RIMCo would then be able to respond to changing market conditions and circumstances consistent with applicable laws, without the potential for the expense and delay that may be associated with arranging for a Shareholder meeting to approve changes in a Proposal 2 Fund’s investment objective. The Joint Proxy Statement explains that Shareholders are only being asked to approve the reclassification of the Proposal 2 Funds’ respective investment objectives from “fundamental” to “non-fundamental” and are not being asked to approve changes to any Proposal 2 Fund’s investment objective.

Although the Proposed Reclassifications will provide RIMCo with greater flexibility to respond to future investment opportunities, RIMCo does not anticipate that the proposed changes will materially affect the manner in which the Proposal 2 Funds are currently managed. Accordingly, RIMCo has represented to the Board that it does not anticipate that the Proposed Reclassifications will result in a material change in the level of investment risk associated with investment in any Proposal 2 Fund. In the future, if the Board determines to change materially the manner in which any Proposal 2 Fund is managed, that Fund’s prospectus will be amended to reflect such change and the Fund would provide Shareholders with reasonable notice before the effective date of such change.

Will my vote make a difference?

Yes. Your vote is needed to ensure that the proposals can be acted upon. To avoid the added cost of follow-up solicitations and possible adjournments, please read the Joint Proxy Statement and cast your vote through the Internet or by telephone by following the instructions on your Notice Regarding the Availability of Proxy Materials and at www.proxyvote.com. If you have requested or received a proxy card by mail, you may vote by signing, voting and returning that proxy card in the envelope provided. We encourage all shareholders to participate in the governance of the Trusts.

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Whom do I call if I have questions?

We will be happy to answer your questions about this proxy solicitation. If you have questions, please call Broadridge Financial Solutions, Inc. at 1-855-976-3325.

How can I vote my shares?

Please refer to the instructions on how to vote found in your Notice Regarding the Availability of Proxy Materials and at www.proxyvote.com. Shareholders are encouraged to vote their shares through the Internet or by the telephone. Shareholders may also vote their shares by requesting a proxy card by mail and signing, voting and returning that proxy card in the envelope provided.

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RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

RUSSELL EXCHANGE TRADED FUNDS TRUST

1301 Second Avenue, 18th Floor, Seattle, WA 98101

 

 

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

To all shareholders of Russell Investment Company, Russell Investment Funds and Russell Exchange Traded Funds Trust:

Russell Investment Company (“RIC”), Russell Investment Funds (“RIF”) and Russell Exchange Traded Funds Trust (“RET”) (each, a “Trust” and collectively, the “Trusts”) are holding a special meeting (the “Special Meeting”) of all shareholders of each of the separate series of the Trusts (each, a “Fund” and collectively, the “Funds”) on April 14, 2014. The Special Meeting will be held at the offices of Russell Investments, 1301 Second Avenue, 18th Floor, Seattle, WA 98101, at 10:00 a.m. Pacific Time.

RIC and RIF are each Massachusetts business trusts, each operating as a registered management investment company. RIC and RIF currently offer shares of 37 and 9 Funds, respectively. RET is a Delaware statutory trust, operating as a registered management investment company. RET currently offers shares of one (1) Fund, the Russell Equity ETF. Proposal 1 relates to all shareholders of the RIC, RIF and RET Funds. Proposal 2 relates only to shareholders of the following RIC Funds: Russell U.S. Defensive Equity, Russell Investment Grade Bond and Russell International Developed Markets Funds (for purposes of Proposal 2, each a “Proposal 2 Fund”).

The Special Meeting is being held for the purpose of (i) electing three (3) persons (each, a “Trustee Nominee”) to the Board of Trustees of each of RIC and RIF and one (1) person to the Board of Trustees of RET and (ii) reclassifying the investment objective of certain RIC Funds, the Proposal 2 Funds, from “fundamental” to “non-fundamental.” These matters are discussed in detail in the proxy statement enclosed with this notice.

The Trusts have fixed the close of business on February 5, 2014 as the record date for determining shareholders entitled to notice of and to vote at the Special Meeting. Each share of each Fund is entitled to one vote on each proposal applicable to such Fund and a proportionate fractional vote for each fractional share held. You are cordially invited to attend the Special Meeting.

Regardless of whether you plan to attend the Special Meeting, we urge you to vote through the Internet at www.proxyvote.com or by telephone by following the instructions on the Notice Regarding the Availability of Proxy Materials you received in the mail and which instructions are also provided on that website, or, if you have requested or received a proxy card by mail, by signing, voting and returning your proxy card in the postage paid envelope so that a quorum will be present and a maximum number of shares may be voted. For specific instructions on how to vote your shares, please review the instructions for each of these voting options as detailed in your Notice Regarding the Availability of Proxy Materials and in the Joint Proxy Statement. If you attend the Special Meeting, you may vote in person even if you have previously returned your proxy card or have voted through the Internet or by telephone. Proxies may be revoked at any time before they are exercised by submitting a revised proxy, by giving written notice of revocation to the Trusts or by voting in person at the Special Meeting. It is very important that you vote your proxy promptly so that a quorum may be ensured and the costs of further solicitations avoided.

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As always, we thank you for the trust you have placed in our firm.

 

By Order of the Trusts,

LOGO

Sandra Cavanaugh

President and Chief Executive Officer

Russell Investment Company

Russell Investment Funds

Russell Exchange Traded Funds Trust

February 5, 2014

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February 5, 2014

RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

RUSSELL EXCHANGE TRADED FUNDS TRUST

1301 Second Avenue, 18th Floor, Seattle, WA 98101

 

 

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 14, 2014

The Funds’ Notice of a Special Meeting of Shareholders, Joint Proxy Statement and Form of Proxy Card are available on the Internet at www.proxyvote.com.

PLEASE RESPOND. YOUR VOTE IS IMPORTANT WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING. TO ASSURE THE PRESENCE OF A QUORUM AT THE SPECIAL MEETING, AND TO AVOID THE ADDED COST OF FOLLOW-UP SOLICITATIONS AND POSSIBLE ADJOURNMENTS, PLEASE TAKE A FEW MINUTES TO READ THE JOINT PROXY STATEMENT AND CAST YOUR VOTE THROUGH THE INTERNET OR BY TELEPHONE BY FOLLOWING THE INSTRUCTIONS ON YOUR NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS AND ON WWW.PROXYVOTE.COM, OR IF YOU HAVE REQUESTED OR RECEIVED A PROXY CARD BY MAIL, YOU MAY VOTE BY SIGNING, VOTING AND RETURNING THAT PROXY CARD IN THE ENVELOPE PROVIDED. PLEASE TAKE ADVANTAGE OF THESE PROMPT AND EFFICIENT VOTING OPTIONS. YOU MAY ALSO VOTE BY CALLING THE BROADRIDGE FINANCIAL SOLUTIONS, INC. REPRESENTATIVE AT 1-855-976-3325.

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INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense involved in validating your vote if you fail to sign your proxy card properly.

 

1. Individual Accounts: Sign your name exactly as it appears in the registration on the proxy card.

 

2. Joint Accounts: Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration on the proxy card.

 

3. Other Accounts: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:

 

Corporate Accounts    Valid Signature

ABC Corp.

    ABC Corp. (by John Doe, Treasurer)

ABC Corp.

    John Doe, Treasurer

ABC Corp. c/o John Doe, Treasurer.

    John Doe

ABC Corp. Profit Sharing Plan.

    John Doe, Trustee
Trust Accounts     

ABC Trust

    Jane B. Doe, Trustee

Jane B. Doe, Trustee u/t/d 12/28/78

    Jane B. Doe
Custodial or Estate Accounts     

John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA

    John B. Smith

John B. Smith

    John B. Smith, Jr., Executor

YOUR VOTE IS IMPORTANT. PLEASE VOTE YOUR SHARES PROMPTLY, NO MATTER HOW MANY SHARES YOU OWN.

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RUSSELL INVESTMENT COMPANY

RUSSELL INVESTMENT FUNDS

RUSSELL EXCHANGE TRADED FUNDS TRUST

1301 Second Avenue, 18th Floor, Seattle, WA 98101

 

 

JOINT PROXY STATEMENT Dated February 5, 2014

 

 

SPECIAL MEETING OF SHAREHOLDERS To be Held on April 14, 2014

Introduction

Russell Investment Company (“RIC”), Russell Investment Funds (“RIF”) and Russell Exchange Traded Funds Trust (“RET”) (each, a “Trust” and collectively, the “Trusts”) have called a special meeting (the “Special Meeting”) of all shareholders of each of the separate series of the Trusts (each, a “Fund” and collectively, the “Funds”) in order to seek shareholder approval of proposals relating to (i) the election of members to the Trusts’ Boards of Trustees (collectively, the “Board”) and (ii) the reclassification of the investment objective of the following RIC Funds from “fundamental” to “non-fundamental”: the Russell U.S. Defensive Equity Fund, Russell Investment Grade Bond Fund and Russell International Developed Markets Fund (for purposes of Proposal 2, each a “Proposal 2 Fund”). The Special Meeting will be held at the offices of Russell Investments, 1301 Second Avenue, 18th Floor, Seattle, WA 98101, on April 14, 2014 at 10:00 a.m. Pacific Time. The Board has sent a Notice Regarding the Availability of Proxy Materials to you and all other shareholders of record who have a beneficial interest in the Funds as of the close of business on or about February 5, 2014. If you expect to attend the Special Meeting in person, please call the Trusts at 1-800-787-7354 (RIC and RIF Shareholders) or 1-888-775-3837 (RET Shareholders) to inform them of your intentions.

Items For Consideration

The Board is asking you to approve proposals relating to (i) the election of three (3) persons (each, a “Trustee Nominee”) to the Board of each of RIC and RIF and one (1) person to the Board of RET and (ii) the reclassification of the investment objective of certain RIC Funds, the Proposal 2 Funds, from “fundamental” to “non-fundamental.”

Who May Vote

All shareholders of the Funds who own shares as of the close of business on February 5, 2014 (the “Record Date”) are entitled to vote on the proposal(s) applicable to their Fund shares. Each share of each Fund will be entitled to one vote on each proposal applicable to such Fund at the Special Meeting and each fraction of a share will be entitled to the fraction of a vote equal to the proportion of a full share represented by the fractional share. Appendix A sets forth the number of shares of beneficial interest outstanding and entitled to be voted of each class of each Fund as of January 17, 2014.

Voting by Proxy

Shareholders may vote through the Internet voting, through telephone touch-tone voting, by signing and returning a proxy card, or by attending the Special Meeting in person and voting. To vote by telephone or

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Internet, follow the voting instructions as outlined on the Notice Regarding the Availability of Proxy Materials, which will be mailed to shareholders on or about February 19, 2014. These options require shareholders to input a control number, which is located on your Notice Regarding the Availability of Proxy Materials. After entering this number, shareholders will be prompted to provide their voting instructions on the Proposals. Shareholders will have the opportunity to review their voting instructions and make any necessary changes before submitting their voting instructions and terminating their telephone call or Internet link. Shareholders who vote on the Internet, in addition to confirming their voting instructions prior to submission, may also request an e-mail confirming their instructions. If you have requested or received a proxy card by mail, you may use the enclosed postage-paid envelope to mail your proxy card.

If you need more information on how to vote, or if you have any questions, please call the Funds’ proxy solicitation agent, Broadridge Financial Solutions, Inc., at 1-855-976-3325. The Trusts urge you to fill out and return your proxy card or vote by telephone or the Internet, even if you plan to attend the Special Meeting. Doing so will not affect your right to attend the Special Meeting and vote.

The Trusts have named Mary Beth Rhoden Albaneze, Jessica Gates, Mark Swanson and Kari Seabrands as proxies, and their names appear on your proxy card(s). By signing your proxy card and returning it or, alternatively, by voting through the Internet or by the telephone by following the instructions on the Notice Regarding the Availability of Proxy Materials, you are appointing those persons to vote for you at the Special Meeting. If you properly fill in your proxy card and return it to the Trusts in time to vote, one of the appointed proxies will vote your shares as you have directed. If you sign and return your proxy card, but do not make specific choices, one of the appointed proxies will vote your shares on the proposal(s) as recommended by the Board.

If an additional matter is presented for vote at the Special Meeting, one of the appointed proxies will vote in accordance with his/her best judgment. At the time this Joint Proxy Statement was printed, the Trusts were not aware of any other matter that needed to be acted upon at the Special Meeting other than the proposals discussed in this Joint Proxy Statement.

If you appoint a proxy by signing and returning your proxy card, you can revoke that appointment at any time before it is exercised. You can revoke your proxy by sending in another proxy with a later date, by notifying the Trusts in writing that you have revoked your proxy prior to the Special Meeting, by writing to the Secretary of the Funds at the following address: 1301 Second Avenue, 18th Floor, Seattle, WA 98101, or by attending the Special Meeting and voting in person. Proxies voted by telephone or through the Internet may be revoked at any time before they are voted in the same manner that proxies voted by mail may be revoked.

Voting in Person

If you attend the meeting and wish to vote in person, you will be given a ballot when you arrive. If you have already voted by proxy and wish to vote in person instead, you will be given an opportunity to do so during the Special Meeting. If you attend the Special Meeting, but your shares are held in the name of your broker, bank or other nominee, you must bring with you a letter from that nominee stating that you are the beneficial owner of the shares on the Record Date and authorizing you to vote.

Recommendation

The proxy is solicited by the Board on behalf of the Trusts, all of whom recommend a vote “FOR ALL” the Trustee Nominees for RIC and RIF and “FOR” the Trustee Nominee for RET, as described in this Joint Proxy Statement, and “For” Proposal 2.

Requirement of a Quorum and Vote Needed

A quorum is the number of outstanding shares, as of the Record Date, that must be present, in person or by proxy, in order for a Trust to hold a valid shareholder meeting. The Trusts cannot hold a valid shareholder

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meeting unless there is a quorum of shareholders present in person or by proxy. With respect to RIC and RIF, RIC’s Second Amended and Restated Master Trust Agreement, as amended, and RIF’s Amended and Restated Master Trust Agreement, as amended, each require that the presence, in person or by proxy, of a majority of the shares entitled to vote shall constitute a quorum, unless a larger number of shares is required pursuant to law. With respect to RET, RET’s Amended and Restated Agreement and Declaration of Trust requires that the presence, in person or by proxy, of more than twenty-five percent (25%) of the total combined net asset value of all shares issued and outstanding and entitled to vote shall constitute a quorum, unless a larger number of shares is required pursuant to law. With respect to the proposal(s) affecting RIC and RIF, a majority of the shares entitled to vote on each such proposal as of the Record Date is required for a quorum for this Special Meeting. With respect to the proposal affecting RET, more than twenty-five percent (25%) of the total combined net asset value of all shares of RET entitled to vote as of the Record Date is required for a quorum.

With respect to Proposal 1, all Shareholders of the Funds as of the Record Date will be entitled to vote on Proposal 1. For purposes of Proposal 1, your vote will be counted together with the votes of Shareholders of other Funds in the same Trust.

With respect to Proposal 2, only Shareholders of the Proposal 2 Funds as of the Record Date will be entitled to vote on Proposal 2. For purposes of the Proposed Reclassifications in Proposal 2, your vote with respect to one Proposal 2 Fund in which you hold shares will be counted together with the votes of other Shareholders of such Proposal 2 Fund. A vote for a Proposed Reclassification with respect to one Proposal 2 Fund will not affect the approval of the Proposed Reclassification with respect to any other Proposal 2 Fund.

With respect to Proposal 1, each Trustee Nominee must receive a plurality of all outstanding shares of the Trust voting, and the Trustee Nominees receiving the most “FOR” votes will be elected (even if less than a majority of the votes cast), provided a quorum is present. Accordingly, with respect to RIC and RIF, each of Mses. Cavanaugh, Burgermeister and Krysty must be one of the three Trustee Nominees receiving the most “FOR” votes in order to be elected. With respect to RET, Ms. Krysty must be the Trustee Nominee receiving the most “FOR” votes in order to be elected. Because each Trustee Nominee is up for election for a distinct seat on the Board and because it is expected that each such election will be uncontested, to the extent that a Trustee Nominee receives any votes, such Trustee Nominee will be elected.

With respect to Proposal 2, the approval of the reclassification of the investment objective of each Proposal 2 Fund from “fundamental” to “non-fundamental” requires the approval of a majority of the outstanding voting securities of that Proposal 2 Fund. The vote of a majority of the outstanding voting securities of a Proposal 2 Fund means the vote of the lesser of (a) 67% or more of the voting securities of such Proposal 2 Fund present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Proposal 2 Fund are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Proposal 2 Fund. Shareholders of each Proposal 2 Fund will vote separately on Proposal 2. The investment objective applicable to each Proposal 2 Fund will be reclassified only if approved by the Shareholders of that Proposal 2 Fund.

Under rules applicable to broker-dealers, if your broker holds your shares in its name, the broker is allowed to vote your shares on the election of Trustees even if it has not received voting instructions from you. Broker non-votes (i.e., the scenario where a broker-dealer holding shares of a fund on behalf of a beneficial owner does not receive voting instructions from such beneficial owner, and the broker-dealer subsequently declines to vote, or is not permitted to vote, those shares at the special meeting) and abstentions with respect to Proposal 1 count as “present” solely for purposes of establishing a quorum, but will not count as votes against each nominee. Broker non-votes and abstentions will have the effect of a vote against Proposal 2.

Adjournments

In the event that a quorum is not present at the Special Meeting, the persons named as proxies may propose one or more adjournments of the Special Meeting to permit further solicitation of proxies. In addition, an adjournment is permitted if a quorum is present, but a majority has not been reached with respect to Proposal 2.

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Any such adjournment will require the affirmative vote of a majority of those shares represented at the Special Meeting in person or by proxy and entitled to vote at the Special Meeting. Signed proxies that have been returned to the Trusts without any indication of how the shareholder wished to vote will be voted in favor of the proposal to adjourn the Special Meeting.

Costs of the Special Meeting

The Funds will bear all expenses incurred in connection with Proposal 1 and Proposal 2, including the cost of soliciting proxies and the cost associated with any adjournments, whether or not the proposals are approved by shareholders. The cost of the Special Meeting will be allocated to each Trust, and borne by the Funds organized under such Trust. Costs that are collectively borne by the Funds of each Trust will be allocated among the Funds of such Trust on the basis of relative net assets, except when direct costs can reasonably be attributed to one or more specific Funds.

Additional Information

The date of this Joint Proxy Statement is February 5, 2014.

Additional information about the Funds is available in their respective prospectuses, statements of additional information and annual and semi-annual reports to Shareholders. The Funds’ most recent annual and semi-annual reports have previously been mailed to Shareholders. Additional copies of any of these documents are available without charge by calling 1-800-787-7354 (RIC and RIF Shareholders) or 1-888-775-3837 (RET Shareholders), by writing to 1301 Second Avenue, 18th Floor, Seattle, WA 98101 or by visiting the Funds’ website at www.russell.com. All of these documents also are on file with the Securities and Exchange Commission (the “SEC”) and are available on the SEC’s website at www.sec.gov.

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DISCUSSION OF PROPOSALS

      1   

PROPOSAL 1: ELECTION OF TRUSTEES TO THE BOARD

      1   

Who are the Trustee Nominees?

      1   

Interested Trustee Nominee

      1   

Independent Trustee Nominees

      2   

Additional Information about the Trustee Nominees

      2   

How Long Do Trustees Serve on the Board?

      3   

What are the Board’s Responsibilities?

      4   

What are the Board’s Standing Committees?

      4   

How Does the Board of Trustees Oversee Risk?

      5   

How Often Does the Board Meet?

      6   

Are the Trustees and Officers of the Trusts Paid for Their Services to the Trusts?

      6   

Do the Trustee Nominees Own Fund Shares?

      7   

How Should I Vote on the Proposal?

      7   

PROPOSAL 2: APPROVAL OF RECLASSIFICATION OF THE INVESTMENT OBJECTIVES OF CERTAIN FUNDS FROM “FUNDAMENTAL” TO “NON-FUNDAMENTAL”

      8   

Information About the Proposed Reclassifications

      8   

What are the Effects of Reclassifying Each Investment Objective?

      9   

The Funds’ Current Fundamental Investment Objectives

      9   

How Should I Vote on the Proposal?

      9   

OTHER INFORMATION

      10   

Current Trustees of the Trusts

      10   

Officers of the Trust

      14   

Service Providers

      15   

Independent Registered Public Accounting Firm

      17   

Principal Holders and Ownership by Officers and Trustees

      19   

Other Matters to Come before the Special Meeting

      19   

Householding

      19   

Shareholder Communications with the Board of Trustees

      20   

SHAREHOLDER PROPOSALS

      20   

Massachusetts State Law Considerations

      20   

VOTING INFORMATION

      20   

Requirement of a Quorum and Vote Needed

      20   

Solicitation of Proxies

      21   

Adjournments

      21   

Costs of the Special Meeting

      22   

Additional Information

      22   

INDEX TO EXHIBITS TO JOINT PROXY STATEMENT

      23   
Exhibit A – Audit Committee Charter   

Exhibit B – Audit and Non-Audit Services Pre-Approval Policy

   

Exhibit C – Nominating and Governance Committee Charter

   
Appendix A – Fund Shares Outstanding as of January 17, 2014   

Appendix B – 5% Beneficial Owners of Fund Shares as of December 31, 2013 (RIC  & RIF); 5% Beneficial Owners of Fund Shares as of January 21, 2014 (RET)

   

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DISCUSSION OF PROPOSALS

PROPOSAL 1: ELECTION OF TRUSTEES TO THE BOARD

Who are the Trustee Nominees?

Ms. Sandra Cavanaugh, Ms. Cheryl Burgermeister and Ms. Katherine Krysty are the Trustee Nominees. Each currently serves on the Board of each Trust, and each was elected as a Trustee by the Board until the Trustee Nominee sooner dies, retires, resigns or is removed, as provided for in the Trusts’ organizational documents pursuant to Article III, Section 3.1(c) of RIC’s Second Amended and Restated Master Trust Agreement, as amended, Article III, Section 3.1(c) of RIF’s Amended and Restated Master Trust Agreement, as amended, and Article IV, Section 1 of RET’s Amended and Restated Agreement and Declaration of Trust. Ms. Sandra Cavanaugh and Ms. Cheryl Burgermeister were also elected by shareholders of RET to serve on the RET Board at a shareholder meeting on October 26, 2012. It is now proposed that Ms. Cheryl Burgermeister and Ms. Sandra Cavanaugh, with respect to RIC and RIF, and Ms. Katherine Krysty, with respect to RIC, RIF and RET, be elected by shareholders to serve on the Board of the Trusts.

One of the Trustee Nominees, Ms. Sandra Cavanaugh, serves as the Trusts’ President and is considered to be an interested person of the Trusts, as that term is defined by the Investment Company Act of 1940, as amended (the “1940 Act”). No Trustee Nominee is a party adverse to the Trusts or any of their affiliates in any material legal proceeding, nor does any Trustee Nominee have a materially adverse interest to the Trusts. The tables below set forth information concerning each Trustee Nominee.

Interested Trustee Nominee

 

Name:

    Sandra Cavanaugh*

Date of Birth:

    May 10, 1954

Address:

    1301 Second Avenue, 18th Floor, Seattle, WA 98101

Position(s) Held with the Trust:

    President and Chief Executive Officer, Trustee

Term of Office:

    President and Chief Executive Officer of the Trusts until successor is chosen and qualified by Trustees; Trustee of the Trusts appointed until successor is duly elected and qualified

Length of Time Served:

   

Trustee of RIC and RIF Since 2010; Trustee of RET since 2012

President and Chief Executive Officer of RIC and RIF since 2010

President and Chief Executive Officer of RET since 2012

Number of Funds in the Fund Complex Overseen:

    47

Principal Occupation(s) During the Past Five Years:

    President and CEO RIC, RIF and RET; Chairman of the Board, Co-President and CEO, Russell Financial Services, Inc. (“RFS”); Chairman of the Board, President and CEO, Russell Fund Services Company (“RFSC”); Director, RIMCo; Chairman of the Board, President and CEO, Russell Insurance Agency, Inc. (“RIA”) (insurance agency); May 2009 to December 2009, Executive Vice President, Retail Channel, SunTrust Bank; 2007 to January 2009, Senior Vice President, National Sales – Retail Distribution, JPMorgan Chase/Washington Mutual, Inc. (investment company)

Other Directorships Held During the
Past Five Years:

    None

*       Ms. Cavanaugh is an “interested” Trustee, as that term is defined in the 1940 Act, because of her positions as President and Chief Executive Officer of the Trusts and as an officer and/or director of one or more affiliates of the Trusts.

 

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Independent Trustee Nominees

The following trustee nominees are considered to be “disinterested” or “independent” persons of the Trusts, meaning that they have no direct affiliation with the Trusts, RIMCo, any sub-advisers, or any other service providers to the Trusts.

 

Name:

    Cheryl Burgermeister

Date of Birth:

    June 26, 1951

Address:

    1301 Second Avenue, 18th Floor, Seattle, WA 98101

Position(s) Held with the Trust:

    Trustee

Term of Office:

    Until successor is duly elected and qualified

Length of Time Served:

    Trustee of RIC, RIF and RET Since 2012

Number of Funds in the Fund Complex Overseen:

    47

Principal Occupation(s) During the Past Five Years:

   

Retired

Trustee and Chairperson of Audit Committee, Select Sector SPDR Funds (investment company)

Trustee and Finance Committee Member/Chairman, Portland Community College (charitable organization)

Other Directorships Held During the Past Five Years:

   

Trustee and Chairperson of Audit Committee, Select Sector SPDR Funds (investment company)

Trustee, ALPS Series Trust (investment company)

 

 

 

Name:

    Katherine W. Krysty

Date of Birth:

    December 3, 1951

Address:

    1301 Second Avenue, 18th Floor, Seattle, WA 98101

Position(s) Held with the Trust:

    Trustee

Term of Office:

    Until successor is duly elected and qualified

Length of Time Served:

    Trustee of RIC, RIF and RET Since 2014

Number of Funds in the Fund Complex to be Overseen:

    47

Principal Occupation(s) During the Past Five Years:

   

Retired

Until February 2013, President Emerita, Laird Norton Wealth Management (investment company)

April 2003 to December 2010, Chief Executive Officer of Laird Norton Wealth Management (investment company)

Other Directorships Held During the Past Five Years:

    None.

Additional Information about the Trustee Nominees

The Trustees believe that each Trustee Nominee’s experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustee Nominees and the Board, collectively, lead to the conclusion that the Trustee Nominees possess the requisite experience, qualifications, attributes and skills to serve on the Board. The Trustees believe that the Trustee Nominees’ ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with RIMCo, other service providers, legal counsel and independent public accountants; and to exercise effective business judgment in the performance of their duties as Trustees, support this conclusion. The Trustees have also considered not only the contributions that each Trustee Nominee can make to the Board and the Trust based upon their particular background, business and professional experience, education and skills, among other things, but also whether such background, business and professional experience, education and skills enhance the Board’s diversity. The Board’s Nominating Committee believes that the Board generally benefits from diversity of background,

 

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experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy on diversity or any particular definition of diversity.

As described in the table above, the Independent Trustee Nominees possess the experience and skills to provide them a basis of acquiring knowledge of the business and operation of the Funds and the Trusts. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Trustee nominee: Ms. Burgermeister has had experience as a member of the Board of Trustees of RIC, RIF and RET and as a certified public accountant and as a member of boards of directors/trustees of other investment companies; and Ms. Krysty also has experience as a member of the Board of Trustees of RIC, RIF and RET and has had business, financial and investment experience as the founder and senior executive of a registered investment adviser focusing on high net worth individuals as well as experience as a certified public accountant and a member of the boards of other corporations and non-profit organizations. Ms. Cavanaugh has had experience with RIC, RIF and RET and other financial services companies, including companies engaged in the sponsorship, management and distribution of investment companies. As a senior officer and/or director of the Funds, RIMCo and various affiliates of RIMCo providing services to the Funds, Ms. Cavanaugh is in a position to provide the Board with such parties’ perspectives on the management, operations and distribution of the Funds.

Why are Trustee Nominees Being Elected at the Present Time?

Section 16(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that a board of trustees may fill a board seat vacancy between meetings and without shareholder approval only if immediately after such vacancy is filled, at least two-thirds of the trustees then holding office were previously elected by shareholders. However, if, at any time, less than a majority of trustees have been elected by holders of the outstanding voting securities, the board of trustees would not be permitted to fill a board seat vacancy and would be required to call a special meeting within sixty (60) days for the purpose of electing trustees to fill any existing vacancies.

Following the (i) retirement of two shareholder-elected Trustees, effective December 31, 2013 and (ii) addition of a non-shareholder-elected Trustee effective, January 1, 2014, the RIC and RIF Boards are no longer composed of two-thirds shareholder-elected Trustees. Furthermore, because shareholder-elected Trustees would no longer constitute the majority of Trustees on the RIC and RIF Boards upon the resignation or removal of any existing Trustee in the future, each Trust would be required to hold a special meeting of the shareholders to elect a new Trustee. Such meeting would likely entail additional costs, including the costs of holding a special meeting and complying with the legal and regulatory costs associated with a shareholder vote. Accordingly, the Board recommends that Shareholders vote to provide the Board with the flexibility to fill a future vacancy without holding such a special meeting. If Proposal 1 is adopted, the Board of each Trust would be composed of greater than two-thirds shareholder-elected Trustees and, therefore, no Trust would be required to hold a special shareholder meeting to elect new Trustees.

Proposal 1 will not affect the status of those Trustees previously elected by RIC, RIF and RET Shareholders. Each of these Trustees will continue to hold office during the lifetime of the Trusts except as such Trustee sooner dies, retires, resigns or is removed, as provided for in the Trusts’ organizational documents. If any Trustee Nominee does not receive a plurality of all outstanding shares of the Trust voting, such Trustee Nominee will remain on the Board of such Trust as a non-shareholder elected Trustee. RIC and RIF also have one Trustee Emeritus. The Trustee Emeritus does not have the power to vote on matters coming before the Board, or to direct the vote of any Trustee, and generally is not responsible or accountable in any way for the performance of the Board’s responsibilities.

How Long Do Trustees Serve on the Board?

With respect to RIC and RIF, each Trustee shall serve during the continued lifetime of the Trust until he or she retires (or upon reaching the mandatory retirement age of 72), dies, resigns, or is removed by, in substance, a vote of two-thirds of the number of Trustees or of the Trust’s shares outstanding. With respect to RET, each

 

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Trustee shall serve during the continued lifetime of the Trust until he or she retires (or upon reaching the mandatory retirement age of 72), dies, resigns, is declared bankrupt or incompetent by a court of competent jurisdiction, or is removed. With respect to all Trusts, any Trustee may resign at any time by written instrument signed by him and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with a Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages or other payment on account of such removal. Any Trustee may be removed at any time by a vote of at least two-thirds of the number of Trustees prior to such removal. Any Trustee may also be removed at any meeting of Shareholders by a vote of two thirds of the total combined net asset value of all shares of the applicable Trust issued and outstanding. A meeting of Shareholders for the purpose of electing or removing one or more Trustees may be called (i) by the Trustees upon their own vote, or (ii) upon the demand of Shareholders of a Trust owning 10% or more of the shares of the Trust in the aggregate.

What are the Board’s Responsibilities?

The Board is responsible under applicable state law for generally overseeing management of the business and affairs of the Trusts and does not manage operations on a day-to-day basis. The officers of each Trust, all of whom are employed by and are officers of RIMCo or its affiliates, are responsible for the day-to-day management and administration of the Funds’ operations. The Board carries out its general oversight responsibilities in respect of the Funds’ operations by, among other things, meeting with the Trusts’ management at the Board’s regularly scheduled meetings and as otherwise needed and, with the assistance of the Trusts’ management, monitoring or evaluating the performance of the Funds’ service providers, including RIMCo, the Funds’ custodian and the Funds’ respective transfer agents. As part of this oversight process, the Board consults not only with management and RIMCo, but with the Trusts’ independent auditors, Fund counsel and separate counsel to the Independent Trustees. The Board monitors Fund performance as well as the quality of services provided to the Funds. As part of its monitoring efforts, the Board reviews Fund fees and expenses in light of the nature, scope and overall quality of services provided to the Funds. The Board is required under the 1940 Act to review and approve the Funds’ contracts with RIMCo and the money managers.

What are the Board’s Standing Committees?

Each Board has a standing Audit Committee that is composed of Mr. Jack R. Thompson and Mses. Kristianne Blake and Cheryl Burgermeister. Each Audit Committee operates under a formal written charter approved by its respective Board, which sets forth the Audit Committees’ current responsibilities. A copy of each charter is not available on the Trusts’ respective websites, but can be found attached to this Joint Proxy Statement under Exhibit A. The Audit Committee’s primary functions are: (1) to assist Board oversight of (a) the integrity of the Funds’ financial statements, (b) the Trusts’ compliance with legal and regulatory requirements that relate to financial reporting, as appropriate, (c) the independent registered public accounting firm’s qualifications and independence, and (d) the performance of the Trusts’ independent registered public accounting firm; (2) to oversee the preparation of an Audit Committee report as required by the SEC to be included in each Trust’s Form N-CSR or any proxy statement, as applicable; (3) to oversee the Trusts’ accounting and financial reporting policies and practices and its internal controls; and (4) to act as a liaison between the Trusts’ independent registered public accounting firm and the full Board. The Audit Committee reviews both the audit and non-audit work of the Trusts’ independent registered public accounting firm, submits a recommendation to the Board as to the selection of the independent registered public accounting firm, and pre-approves (i) all audit and non-audit services to be rendered by the independent registered public accounting firm for the Trusts, (ii) all audit services provided to RIMCo, or any affiliate thereof that provides ongoing services to the Trusts, relating to the operations and financial reporting of the Trusts, and (iii) all non-audit services relating to the operations and financial reporting of the Trusts, provided to RIMCo, or any affiliate thereof that provides ongoing services to the Trusts, by any auditors with an ongoing relationship with the Trusts. It is management’s responsibility to maintain appropriate systems for accounting and internal control and the auditor’s responsibility to plan and carry out a proper audit.

 

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Each Board has a standing Nominating and Governance Committee that is composed of Messrs. Thaddas L. Alston and Raymond P. Tennison, Jr. and Ms. Kristianne Blake, all of whom are independent. Each Nominating and Governance Committee operates under a formal written charter approved by its respective Board, which sets forth the Nominating and Governance Committees’ current responsibilities. A copy of each charter is not available on the Trusts’ respective websites, but can be found attached to this Joint Proxy Statement under Exhibit C. The primary functions of the Nominating and Governance Committee are to: (1) nominate and evaluate individuals for Trustee membership on the Board, including individuals who are not interested persons of the Trusts for Independent Trustee membership; (2) supervise an annual assessment by the Trustees taking into account such factors as the Committee may deem appropriate; (3) review the composition of the Board; (4) review Independent Trustee compensation; and (5) make nominations for membership on all Board committees and review the responsibilities of each committee. In identifying and evaluating nominees, the Nominating and Governance Committee considers factors it deems relevant which include: whether or not the person is an “interested person” as defined in the 1940 Act and whether the person is otherwise qualified under applicable laws and regulations to serve on the Board; whether or not the person has any relationship that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment adviser of the Funds, Fund service providers or their affiliates; whether or not the person serves on boards of, or is otherwise affiliated with, competing organizations or funds; and the character and integrity of the person and the contribution which the person can make to the Board. The Nominating and Governance Committee does not have a formal diversity policy but it may consider diversity of professional experience, education and skills when evaluating potential nominees. The Committee will not consider nominees recommended by Shareholders of the Funds.

Each Board also has a standing Investment Committee that is composed of Messrs. Thaddas L. Alston, Daniel P. Connealy and Raymond P. Tennison, Jr. and Mses. Katherine W. Krysty and Sandra Cavanaugh. Each Investment Committee operates under a written charter approved by its respective Board. The principal responsibilities of the Investment Committee are to: (1) regularly review and monitor the investment strategies and investment performance of the Funds; (2) review the kind, scope, and format of, and the time periods covered by, the investment performance data and related reports provided to the Board; (3) review the investment performance benchmarks and peer groups used in reports delivered to the Board; (4) review such matters that are related to the investments, investment strategies and investment performance of the Funds as would be considered by the Board as the Committee may deem to be necessary or appropriate; and (5) meet with any officer of the Trusts, or officer or other representative of RIMCo, any subadviser to a fund or other service provider to the Trusts.

How Does the Board of Trustees Oversee Risk?

The Board’s role in risk oversight of the Funds reflects its responsibility under applicable state law to oversee generally, rather than to manage, the operations of the Funds. In line with this oversight responsibility, the Board receives reports and makes inquiry at its regular meetings and as needed regarding the nature and extent of significant Fund risks (including investment, operational, compliance and valuation risks) that potentially could have a material adverse impact on the business operations, investment performance or reputation of the Funds, but relies upon the Funds’ management (including the Funds’ portfolio managers), the Funds’ Chief Compliance Officer (“CCO”), who reports directly to the Board, and RIMCo (including RIMCo’s Chief Risk Officer (“CRO”)) to assist it in identifying and understanding the nature and extent of such risks and determining whether, and to what extent, such risks may be eliminated or mitigated. Under the Funds’ multi-manager structure, RIMCo is responsible for oversight, including risk management oversight, of the services provided by the Funds’ money managers, and providing reports to the Board with respect to the money managers. In addition to reports and other information received from Fund management and RIMCo regarding the Funds’ investment program and activities, the Board as part of its risk oversight efforts meets at its regular meetings and as needed with representatives of the Funds’ senior management, including its CCO, to discuss, among other things, risk issues and issues regarding the policies, procedures and controls of the Funds. The Board receives quarterly reports from the CCO and other representatives of the Fund’s senior management which include information

 

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regarding risk issues and receives an annual report from the CRO. The Board may be assisted in performing aspects of its role in risk oversight by the Audit Committee, the Investment Committee and such other standing or special committees as may be established from time to time by the Board. For example, the Audit Committee of the Board regularly meets with the Funds’ independent public accounting firm to review, among other things, reports on the Funds’ internal controls for financial reporting. The Board believes it is not possible to identify all risks that may affect the Funds; it is not practical or cost-effective to eliminate or mitigate all risks; and it is necessary for the Funds to bear certain risks (such as investment-related risks) to achieve their investment objectives. The processes or controls developed to address risks may be limited in their effectiveness and some risks may be beyond the reasonable control of the Board, the Funds, RIMCo, RIMCo’s affiliates or other service providers. Because the Chairman of the Board and the Chair of each of the Board’s Audit, Investment and Nominating and Governance Committees are Independent Trustees, the manner in which the Board administers its risk oversight efforts is not expected to have any significant impact on the Board’s leadership structure.

The Board has determined that its leadership structure, including its role in risk oversight, is appropriate given the characteristics and circumstances of the Funds, including such factors as the number of Funds, the Funds’ share classes, the Funds’ distribution arrangements and the Funds’ manager of managers structure. In addition, the Board believes that its leadership structure facilitates the independent and orderly exercise of its oversight responsibilities.

How Often Does the Board Meet?

The Board typically meets at least five times a year to review the operations of the Trusts and the Funds. During RIC’s last fiscal year, the Board met 8 times. During RIF’s last fiscal year, the Board met 7 times. During RET’s last fiscal year, the Board met 10 times. Generally, all meetings are held in person. The Audit Committee generally meets quarterly. During RIC’s last fiscal year, the Audit, Nominating and Governance and Investment Committees each met 4 times. During RIF’s last fiscal year, the Audit and Investment Committees each met 4 times and the Nominating and Governance Committee met 2 times. During RET’s last fiscal year, the Audit and Nominating and Governance Committees each met 4 times and the Investment Committee met 2 times.

Are the Trustees and Officers of the Trusts Paid for Their Services to the Trusts?

Trustees are paid an annual retainer plus meeting attendance and chairperson fees, both at the Board and Committee levels, in addition to any travel and other expenses incurred in attending Board and Committee meetings. The Trusts’ officers and employees are paid by RIMCo or its affiliates.

 

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The following table sets forth the compensation that was paid to each Trustee by the Trusts for the calendar year ending December 31, 2013.

 

Name of

Trustee

    Aggregate
Compensation
From RIC		      Aggregate
Compensation
From RIF		      Aggregate
Compensation
from RET		      Pension or
Retirement
Benefits
Accrued as Part
of Trust’s
Expenses		      Estimated
Annual
Benefits Upon
Retirement		      Total
Compensation
from Fund
Complex		  

Interested Trustees

  

   

Sandra Cavanaugh

    $ 0       $ 0       $ 0       $ 0       $ 0       $ 0   

Daniel P. Connealy

    $ 119,744       $ 7,434       $ 20       $ 0       $ 0       $ 127,198   

Independent Trustees

                  

Thaddas L. Alston

    $ 147,414       $ 9,161       $ 25       $ 0       $ 0       $ 156,600   

Kristianne Blake

    $ 212,082       $ 13,184       $ 35       $ 0       $ 0       $ 225,301   

Cheryl Burgermeister

    $ 136,933       $ 8,507       $ 23       $ 0       $ 0       $ 145,463   

Katherine W. Krysty(1)

    $ 0       $ 0       $ 0       $ 0       $ 0       $ 0   

Raymond P. Tennison, Jr.

    $ 152,432       $ 9,468       $ 25       $ 0       $ 0       $ 161,925   

Jack R. Thompson

    $ 153,987       $ 9,573       $ 26       $ 0       $ 0       $ 163,586   

Trustee Emeritus

                  

George F. Russell, Jr.

    $ 0       $ 0       $ 0       $ 0       $ 0       $ 0   

 

(1) Ms. Krysty was elected to the Board of Trustees effective January  1, 2014.

Do the Trustee Nominees Own Fund Shares?

As of December 31, 2013, the Trustee Nominees owned the following with respect to all funds in the Russell family of investment companies:

 

Trustee Nominee

   

Dollar Range of Equity

Securities owned in each

Fund

         Aggregate Dollar Range of
Equity Securities To Be Overseen
by Nominee in Family of
Investment Companies

Sandra Cavanaugh

    Russell U.S. Defensive Equity Fund    $1-$10,000    $10,001-$50,000
   Russell U.S. Dynamic Equity Fund    $1-$10,000   
   Russell U.S. Small Cap Equity Fund    $1-$10,000   
   Russell Global Equity Fund    $1-$10,000   
   Russell Emerging Markets Fund    $1-$10,000   
   Russell Global Infrastructure Fund    $1-$10,000   
   Russell Global Real Estate Securities Fund    $1-$10,000   
   Russell Short Duration Bond Fund    $1-$10,000   
   Russell Multi-Strategy Alternative Fund    $1-$10,000   

Cheryl Burgermeister

    None       None

Katherine W. Krysty*

    N/A       N/A

 

* Ms. Krysty was elected to the Board of Trustees effective January  1, 2014.

How Should I Vote on the Proposal?

The Trusts’ Board of Trustees unanimously recommends that you vote “FOR ALL” of the Trustee Nominees for RIC and RIF and “FOR” the Trustee Nominee for RET.

 

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PROPOSAL 2: APPROVAL OF RECLASSIFICATION OF THE INVESTMENT OBJECTIVES OF

CERTAIN FUNDS FROM “FUNDAMENTAL” TO “NON-FUNDAMENTAL”

For purposes of Proposal 2, references to the words “Fund” or “Funds” apply only to the following RIC Funds: Russell U.S. Defensive Equity Fund, Russell Investment Grade Bond Fund and Russell International Developed Markets Fund.

Information About the Proposed Reclassifications

As described in the following proposal, the Board also recommends that the shareholders of the Funds approve the reclassification of the investment objective of each of the Funds from “fundamental” to “non-fundamental.” A fund is required under the Investment Company Act of 1940 (the “1940 Act”) to disclose its investment objective in its registration statement. The investment objective is the overall goal of a fund, and determines the fund’s overall principal investment strategies, including particular types of securities in which the fund principally invests or will invest. The 1940 Act does not require shareholder approval to change a fund’s investment objective, unless the fund has designated the investment objective as an investment policy that may be changed only with shareholder approval. The investment objective for each Fund is a “fundamental” investment policy, meaning that it may not be changed without Shareholder approval. Because the Funds’ investment objectives are not required to be fundamental, RIMCo has proposed to the Board that the investment objective for each Fund be reclassified from “fundamental” to “non-fundamental.”

If the Shareholders of a Fund approve the Proposed Reclassification, the Board thereafter would be permitted to change the investment objective for such Fund, if the Board deems the change to be in the best interests of Shareholders. However, if these Funds’ investment objectives remain fundamental and the Board determined that it was in the best interests of Shareholders to change an investment objective, each such Fund would be required to hold a Shareholder meeting at which such change would be voted upon, and to prepare and send a proxy statement to Shareholders seeking their instructions as to how to vote shares at such meeting. In obtaining shareholder approval, certain costs (including the costs of preparing and mailing a proxy statement and conducting a special shareholder meeting) will be incurred and there may be delays in obtaining the approval. The Proposed Reclassifications would provide additional flexibility to conduct the investment program of each Fund in response to changing market conditions and circumstances consistent with applicable laws. RIMCo believes that the Proposed Reclassifications will assist the Funds to avoid the expense and delay associated with arranging for such a Shareholder meeting when the desire or need arises in the future. If approved, the Proposed Reclassifications would continue to satisfy current regulatory requirements.

As the Board, through its Investment Committee, reviews and monitors the investment strategies and investment performance of all RIC, RIF and RET Funds, including the Proposal 2 Funds, the Trustees would be in a position to change the investment objective of any such Fund in circumstances when a change, in the Board’s judgment, would be in the best interests of the Fund’s shareholders. The Board may determine to change the investment objective of a Fund if, for instance, based on developments in the securities markets, the Board believes that a modified investment objective would better serve Shareholders’ interests. Such a determination could result from changes in the securities markets generally or from changes with respect to a Fund specifically. If the Board did decide to make such a change in any non-fundamental investment objective, the Fund would provide Shareholders with reasonable notice before the effective date of such change. If Proposal 2 is approved, the current investment objectives of the Funds would not change. It is expected that each Fund will continue to be managed in accordance with its current prospectus and statement of additional information (other than the reclassification of each Fund’s investment objective from fundamental to non-fundamental), as well as any policies or guidelines that may have been established by the Board or RIMCo. Accordingly, RIMCo does not anticipate that the changes will result in a material change in the level of investment risk associated with investment in any Fund or the manner in which any Fund is managed at the present time.

If Shareholders do not approve a Proposed Reclassification with respect to one or more Proposal 2 Funds, each such Proposal 2 Fund’s investment objective would remain “fundamental.” Accordingly, if, at a future date, the

 

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Board determined that it was in the best interests of Shareholders to change such Proposal 2 Fund’s investment objective, the Proposal 2 Fund would be required to (i) hold a Shareholder meeting at which such change would be voted upon, and (ii) prepare and send a proxy statement to Shareholders seeking their instructions as to how to vote shares at such meeting. In obtaining shareholder approval, certain costs (including the costs of preparing and mailing a proxy statement and conducting a special shareholder meeting) will be incurred and there may be delays in obtaining the approval.

What are the Effects of Reclassifying Each Investment Objective?

The table below summarizes the effects of reclassifying each investment objective from fundamental to non-fundamental:

 

    

Fundamental Investment Objective

(Current Approach)

    Non-Fundamental Investment Objective
(Proposed Approach)

Who must approve changes in a fundamental investment objective?

    Board and Shareholders    Board

How quickly can a change to the investment objective be made?

    Relatively slowly, since a vote of Shareholders is required.    Relatively quickly, because the
change can be accomplished by
action of the Board alone;
provided that Shareholders are
provided reasonable notice that
their Fund’s objective is being
changed.

What is the relative cost to change an investment objective?

    Costly to change because a Shareholder vote requires holding a meeting of Shareholders with additional SEC filing requirements and proxy solicitation efforts.    Less costly to change because a
change can be accomplished by
action of the Board without
Shareholder approval.

Shareholders of each Fund are not being asked to approve a change of the Fund’s investment objective. Accordingly, the investment objective of each Fund currently in effect would not change at the Special Meeting if Shareholders vote to approve Proposal 2 with respect to any or all Funds.

The Funds’ Current Fundamental Investment Objectives

The current fundamental investment objective for each Fund is as follows:

 

Fund Name

   

Current Investment Objective

Russell U.S. Defensive Equity Fund

    The Fund seeks to provide long term capital growth.

Russell Investment Grade Bond Fund

    The Fund seeks to provide current income and the preservation of capital.

Russell International Developed Markets Fund

    The Fund seeks to provide long term capital growth.

How Should I Vote on the Proposal?

The Board unanimously recommends that you vote “FOR” the adoption of the Proposed Reclassifications.

 

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OTHER INFORMATION

Current Trustees of the Trusts

Unless otherwise noted, the principal business address of each Trustee and executive officer of the Trust is 1301 Second Avenue, 18th Floor, Seattle, Washington 98101.

 

Name, Address, and
Date of Birth		   Position(s) Held with
the Fund		  

Term of

Office*

  

Principal Occupation(s)

During Past 5 Years

   Number
of
Portfolios
in Fund
Complex
Overseen
By
Trustee*		   Other
Directorships
held by
Trustee

Interested Trustees

          

Sandra Cavanaugh#

Born May 10, 1954

1301 Second Avenue,

18th Floor,

Seattle, WA 98101

  

President and Chief Executive Officer of (RIC and RIF since 2010) (RET since 2012)

 

Trustee (RIC and RIF since 2010) (RET since 2012)

  

Until successor is chosen and qualified by Trustees

 

Appointed until successor is duly elected and qualified

   President and CEO, RIC, RIF and RET; Chairman of the Board, Co-President and CEO, Russell Financial Services, Inc. (“RFS”); Chairman of the Board, President and CEO, Russell Fund Services Company (“RFSC”); Director, RIMCo; Chairman of the Board, President and CEO, Russell Insurance Agency, Inc. (“RIA”) (insurance agency); May 2009 to December 2009, Executive Vice President, Retail Channel, SunTrust Bank; 2007 to January 2009, Senior Vice President, National Sales – Retail Distribution, JPMorgan Chase/Washington Mutual, Inc. (investment company)   47   None

Daniel P. Connealy##

Born June 6, 1946

1301 Second Avenue,

18th Floor

Seattle, WA 98101

   Trustee (RIC and RIF since 2003) (RET since 2012)   Appointed until successor is duly elected and qualified   June 2004 to present, Senior Vice President and Chief Financial Officer, Waddell & Reed Financial, Inc. (investment company)   47   None

 

* Each Trustee is subject to mandatory retirement at age 72.
# Ms. Cavanaugh is also an officer and/or director of one or more affiliates of RIC, RIF and RET and is therefore classified as an Interested Trustee.
## Mr. Connealy is an officer of a broker-dealer that distributes shares of the RIC Funds and is therefore classified as an Interested Trustee.

 

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Table of Contents

Name, Address, and

Date of Birth

  

Position(s) Held with

the Fund

  

Term of

Office*

   Principal Occupation(s)
During Past 5 Years		  

Number

of

Portfolios
in Fund

Complex
Overseen

By

Trustee*

  

Other

Directorships

held by

Trustee

Independent Trustees          

Thaddas L. Alston

Born April 7, 1945

1301 Second Avenue,

18th Floor

Seattle, WA 98101

  

Trustee (RIC and RIF since 2006)(RET since 2012)

 

Chairman of the Investment Committee (RIC and RIF since 2010)(RET since 2012)

  

Appointed until successor is chosen and qualified by Trustees

 

Appointed until successor is duly elected and qualified

   Senior Vice President, Larco Investments, Ltd. (real estate firm)   47   None

Kristianne Blake

Born January 22, 1954

1301 Second Avenue,

18th Floor

Seattle, WA 98101

  

Trustee (RIC and RIF since 2000)(RET since 2012)

 

Chairman (RIC and RIF since 2005)(RET since 2012)

  

Appointed until successor is duly elected and qualified

 

Annual

   Director and Chairman of the Audit Committee, Avista Corp. (electric utilities); Regent, University of Washington; President, Kristianne Gates Blake, P.S. (accounting services); Until December 31, 2013, Trustee and Chairman of the Operations Committee, Principal Investor Funds and Principal Variable Contracts Funds (investment company)   47  

Director, Avista Corp (electric utilities);

Until December 31, 2013, Trustee, Principal Investor Funds (investment company); Until December 31, 2013, Trustee, Principal Variable Contracts Funds (investment company)

 

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Table of Contents

Name, Address, and

Date of Birth

  

Position(s) Held with

the Fund

  

Term of

Office*

   Principal Occupation(s)
During Past 5 Years		  

Number
of
Portfolios
in Fund
Complex
Overseen

By

Trustee*

  

Other

Directorships

held by

Trustee

Cheryl Burgermeister

Born June 26, 1951

1301 Second Avenue,

18th Floor

Seattle, WA 98101

   Trustee since 2012   Appointed until successor is duly elected and qualified   Retired; Trustee and Chairperson of Audit Committee, Select Sector SPDR Funds (investment company); Trustee and Finance Committee Member/Chairman, Portland Community College (charitable organization)   47   Trustee and Chairperson of Audit Committee, Select Sector SPDR Funds (investment company); Trustee, ALPS Series Trust (investment company)

Katherine W. Krysty

Born December 3, 1951

1301 Second Avenue,

18th Floor

Seattle, WA 98101

   Trustee since 2014   Appointed until successor is duly elected and qualified   Retired; January 2011 through February 2013, President Emerita of Laird Norton Wealth Management (investment company); April 2003 through December 2010, Chief Executive Officer of Laird Norton Wealth Management (investment company)   47   None

Raymond P. Tennison, Jr.

Born December 21, 1955

1301 Second Avenue,

18th Floor

Seattle, WA 98101

  

Trustee (RIC and RIF since 2010)(RET since 2012)

 

Chairman of Nominating and Governance Committee (RIC and RIF since 2010)(RET since 2012)

  

Appointed until successor is duly elected and qualified

 

Appointed until successor is duly elected and qualified

   Vice Chairman of the Board, Simpson Investment Company (paper and forest products); Until November 2010, President, Simpson Investment Company and several additional subsidiary companies, including Simpson Timber Company, Simpson Paper Company and Simpson Tacoma Kraft Company   47   None

 

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Name, Address, and

Date of Birth

  

Position(s) Held with

the Fund

  

Term of

Office*

   Principal Occupation(s)
During Past 5 Years		  

Number
of
Portfolios
in Fund
Complex
Overseen

By

Trustee*

  

Other

Directorships

held by

Trustee

Jack R. Thompson

Born March 21, 1949

1301 Second Avenue,

18th Floor

Seattle, WA 98101

  

Trustee (RIC and RIF since 2005)(RET since 2012)

 

Chairman of Audit Committee since 2012

  

Appointed until successor is duly elected and qualified

 

Appointed until successor is duly elected and qualified

   September 2007 to September 2010, Director, Board Chairman and Chairman of the Audit Committee, LifeVantage Corporation (health products company); September 2003 to September 2009, Independent Board Chair and Chairman of the Audit Committee, Sparx Asia Funds (investment company)   47   Director, Board Chairman and Chairman of the Audit Committee, LifeVantage Corporation until September 2010 (health products company); Director, Sparx Asia Funds until 2009 (investment company)

 

* Each Trustee is subject to mandatory retirement at age 72.

 

Name, Address, and

Date of Birth

  

Position(s) Held with

the Fund

  

Term of

Office*

   Principal Occupation(s)
During Past 5 Years		  

Number

of

Portfolios

in Fund

Complex
Overseen

By
Trustee*

  

Other

Directorships

held by

Trustee

Trustee Emeritus          

George F. Russell, Jr. Born July 3, 1932

1301 Second Avenue,

18th Floor

Seattle, WA 98101

   Trustee Emeritus and Chairman Emeritus (RIC and RIF since 1999)   Until resignation or removal   Director Emeritus, Frank Russell Company (investment consultant to institutional investors (“FRC”)) and RIMCo; Chairman Emeritus, RIC and RIF, Russell Implementation Services Inc. (broker-dealer and investment adviser (“RIS”)), Russell 20-20 Association (non-profit corporation), and Russell Trust Company (non-depository trust company (“RTC”)); Chairman, Sunshine Management Services, LLC (investment adviser)   47   None

 

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Officers of the Trust

 

Name, Address, and

Date of Birth

   

Position(s) Held with the

Fund

    Term of Office   

Principal Occupation(s)

During Past 5 Years

Cheryl Wichers

Born December 16, 1966

1301 Second Avenue,

18th Floor

Seattle, WA 98101

    Chief Compliance Officer (RIC and RIF since 2005)(RET since 2011)    Until removed by Independent Trustees    Chief Compliance Officer, RIC, RIF and RET; Chief Compliance Officer, RFSC 2005 – Present; Chief Compliance Officer, RIMCo, 2005 – 2011; Chief Compliance Officer, U.S. One Inc.

Sandra Cavanaugh

Born May 10, 1954

1301 Second Avenue,

18th Floor

Seattle, WA 98101

    President and Chief Executive Officer (RIC and RIF since 2010)(RET since 2012)    Until successor is chosen and qualified by Trustees    CEO, U.S. Private Client Services, Russell Investments; President and CEO, RIC, RIF and RET; Chairman of the Board, Co-President and CEO, RFS; Chairman of the Board, President and CEO, RFSC; Director, RIMCo; Chairman of the Board, President and CEO, RIA; May 2009 to December 2009, Executive Vice President, Retail Channel, SunTrust Bank; 2007 to January 2009, Senior Vice President, National Sales – Retail Distribution, JPMorgan Chase/Washington Mutual, Inc.

Mark E. Swanson

Born November 26, 1963

1301 Second Avenue,

18th Floor

Seattle, WA 98101

    Treasurer and Chief Accounting Officer (RIC and RIF since 1998)(RET since 2011)    Until successor is chosen and qualified by Trustees   

Treasurer, Chief Accounting Officer and CFO, RIC, RIF and RET; Director, RIMCo, RFSC, RTC and RFS; Global Head of Fund Services, Russell Investments;

October 2011 to December 2013, Head of North America Operations, Russell Investments; May 2009 to October 2011, Global Head of Fund Operations, Russell Investments; 1999 to May 2009, Director, Fund Administration

 

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Name, Address, and

Date of Birth

   

Position(s) Held with the

Fund

    Term of Office   

Principal Occupation(s)

During Past 5 Years

Jeffrey T. Hussey

Born May 2, 1969

1301 Second Avenue,

18th Floor

Seattle, WA 98101

    Chief Investment Officer since 2013    Until removed by Trustees    Global Chief Investment Officer, Russell Investments; Chief Investment Officer, RIC, RIF and RET; Chairman of the Board, President and CEO, RIMCo; 2008 to 2013 Chief Investment Officer, Fixed Income, Russell Investments

Mary Beth Rhoden Albaneze

Born April 25, 1969

1301 Second Avenue,

18th Floor

Seattle, WA 98101

    Secretary (RIC and RIF since 2010)(RET since 2011)    Until successor is chosen and qualified by Trustees    Associate General Counsel, Russell Investments; Secretary, RIMCo, RFSC and RFS; Secretary and Chief Legal Officer, RIC, RIF and RET; Assistant Secretary, RFS, RIA and U.S. One Inc.; 1999 to 2010 Assistant Secretary, RIC and RIF

Service Providers

Most of the Trusts’ necessary day-to-day operations are performed by separate business organizations under contract to the Trusts. The principal service providers are:

 

Investment Advisory Services  

•   Investment Adviser (RIC & RIF)

•   Investment Manager (RET)

   Russell Investment Management Company (“RIMCo”)
Administrator   Russell Fund Services Company (“RFSC”)

Transfer and Dividend Disbursing Agent (RIC & RIF)

   RFSC

Transfer and Dividend Disbursing Agent (RET)

   State Street Bank and Trust Company (“State Street”)

Custodian and Portfolio Accountant

   State Street

Distributor (RIC & RIF)

   Russell Financial Services, Inc.

Distributor (RET)

   ALPS Distributors, Inc.

Investment Management Services. RIMCo provides or oversees the provision of all investment advisory and portfolio management services for the Funds, including developing the investment program for the Funds.

The Funds each pay an advisory fee (with respect to RIC and RIF) and a management fee (with respect to RET) directly to RIMCo, billed monthly on a pro rata basis and calculated as a specified percentage of the average daily net assets of each Fund (the “Management Fee”). (See the Prospectus for the Funds’ annual management percentage rates).

RIMCo is a wholly-owned subsidiary of Frank Russell Company (“FRC”), a subsidiary of Northwestern Mutual. RIMCo’s mailing address is 1301 Second Avenue, 18th Floor, Seattle, WA 98101.

 

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With respect to the RIC and RIF Funds, pursuant to separate Advisory Agreements with each of RIC and RIF, RIMCo provides or oversees the provision of all investment advisory and portfolio management services for the Funds, including developing the investment program for each Fund. Except for the Russell Strategic Call Overwriting Fund, RIMCo selects, subject to the approval of the Board, money managers for the Funds, allocates most Fund assets among those multiple money managers, oversees them and evaluates their performance results. These Funds’ money managers select the individual portfolio securities for the assets assigned to them. Money managers are unaffiliated with RIMCo. RIMCo manages the portion of each Fund’s assets that RIMCo determines not to allocate to the money managers. Assets not allocated to money managers include a Fund’s liquidity reserves and assets which may be managed directly by RIMCo to modify the Fund’s overall portfolio characteristics to seek to achieve the desired risk/return profile for the Fund. RIMCo may also manage portions of a Fund during transitions between money managers.

With respect to RET, pursuant to a Supervision and Management Agreement, RIMCo oversees the operation of the Fund, arranges for the distribution, transfer agency, administration, custody and all other services necessary for the Fund to operate, and exercises day-to-day oversight over the Fund’s service providers. These services are paid for from the Management Fee RIMCo receives from the Fund. Pursuant to the Supervision and Management Agreement and subject to the general supervision of the RET Board, RIMCo provides or causes to be furnished all supervisory, management and other services reasonably necessary for the operation of the Fund, including audit, portfolio accounting, legal, transfer agency, printing costs and certain distribution services under which is essentially an all-in fee structure.

The RET Fund bears other expenses which are not covered under the Management Fee that may vary and will affect the total level of expenses paid by the Fund, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, and costs of borrowing money, including interest expenses and extraordinary expenses (such as litigation and indemnification expenses).

On October 17, 2013, Fred McClure filed a derivative lawsuit against RIMCo on behalf of ten funds: the Russell Commodity Strategies Fund, Russell Emerging Markets Fund, Russell Global Equity Fund, Russell Global Infrastructure Fund, Russell Global Opportunistic Credit Fund, Russell International Developed Markets Fund, Russell Multi-Strategy Alternative Fund, Russell Strategic Bond Fund, Russell U.S. Small Cap Equity Fund and Russell Global Real Estate Securities Fund. The lawsuit, which was filed in the United States District Court for the District of Massachusetts, seeks recovery under Section 36(b) of the 1940 Act for the alleged payment of excessive investment management fees to RIMCo. Although this action was purportedly filed on behalf of these ten Funds, none of these ten Funds are themselves a party to the suit. The plaintiffs seek recovery of the amount of compensation or payments received from these ten Funds and earnings that would have accrued to plaintiff had that compensation not been paid or, alternatively, rescission of the contracts and restitution of all excessive fees paid. RIMCo intends to vigorously defend the action.

Administrator. RFSC, with the assistance of RIMCo and FRC, provides the Funds with office space, equipment and the personnel necessary to operate and administer the Funds’ business and to supervise the provision of services by certain third parties such as the custodian.

Transfer Agent. RFSC serves as transfer and dividend disbursing agent for RIC and RIF. For this service, RFSC is paid a fee for transfer agency and dividend disbursing services provided to RIC and RIF. RFSC retains a portion of this fee for its services provided to RIC and RIF and pays the balance to unaffiliated agents who assist in providing these services. RFSC’s mailing address is 1301 Second Avenue, 18th Floor, Seattle, WA 98101.

With respect to RET, State Street serves as the transfer and dividend disbursing agent. As transfer and dividend disbursing agent, State Street is responsible for among other matters, receiving and processing orders for the purchase and redemptions of Creation Units. The principal business address for State Street Bank and Trust Company is: 200 Clarendon Street, 16th Floor, Boston, Massachusetts 02116.

 

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Custodian and Portfolio Accountant. State Street serves as the custodian for the Trusts. As custodian, State Street is responsible for the safekeeping of the Funds’ assets and the appointment of any subcustodian banks and clearing agencies. State Street also provides basic portfolio recordkeeping required for the Funds for regulatory and financial reporting purposes. With respect to RIC and RIF, the mailing address for State Street Bank and Trust Company is 1200 Crown Colony Drive, Crown Colony Office Park, CC1-5th Floor North, Quincy, MA 02169. With respect to RET, the mailing address for State Street Bank and Trust Company is 2 Avenue de Lafayette, LCC 2S, Boston, Massachusetts 02111.

Distributor. With respect to RIC and RIF, Russell Financial Services, Inc. (“RFS”) is the principal underwriter and Distributor of shares. Its principal address is 1301 Second Avenue, 18th Floor, Seattle, WA 98101. With respect to RET, ALPS Distributors, Inc. (“ALPS”) is the principal underwriter and Distributor of shares. Its principal address is 1290 Broadway, Suite 1100, Denver, CO 80203. RFS (with respect to RIC and RIF) and ALPS (with respect to RET) have each entered into a distribution agreement (each, a “Distribution Agreement” and collectively, the “Distribution Agreements”) with the Trusts pursuant to which RFS or ALPS distributes shares of the respective RIC, RIF or RET Funds. The Distribution Agreements will continue for two years from their effective date and are renewable annually thereafter. The Distribution Agreements provide that they may be terminated at any time, without the payment of any penalty as to the Funds: (i) by vote of a majority of the Independent Trustees or (ii) by vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Funds, on at least 60 days written notice to either RFS or ALPS, as applicable. RFS or ALPS may terminate their respective Distribution Agreement upon 60 days’ notice, and each Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) serves as the Independent Registered Public Accounting Firm of each Trust. PwC is responsible for performing annual audits of the financial statements and financial highlights of the Funds in accordance with the auditing standards of the Public Company Accounting Oversight Board and a review of federal tax returns. The mailing address of PwC is 1420 Fifth Avenue, Suite 1900, Seattle, Washington 98101.

Effective March 31, 2012, the RET fiscal year was changed from December 31 to March 31. Amounts billed for services rendered with respect to the fiscal year ended March 31, 2012 related to certain other RET Funds in operation at that time but which have been subsequently liquidated.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

Russell Investment Company

 

2012

    $  1,960,142   

2013

    $ 2,040,872   

Russell Investment Funds

 

2012

    $ 400,000   

2013

    $ 386,456   

Russell Exchange Traded Funds Trust

 

2012

    $ 405,500   

2013

    $ 146,077   

 

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Audit Fees.

Russell Investment Company

The aggregate audit fees billed for professional services rendered by PwC for the audit of RIC’s annual financial statements and services normally provided by PwC in connection with the statutory and regulatory filings or engagements for the fiscal years ended October 31, 2013 and October 31, 2012 were as follows:

 

2012:

    $ 1,164,246   

2013:

    $ 1,278,172   

Russell Investment Funds

The aggregate audit fees billed for professional services rendered by PwC for the audit of RIF’s annual financial statements and services normally provided by PwC in connection with the statutory and regulatory filings or engagements for the fiscal years ended December 31, 2013 and December 31, 2012 were as follows:

 

2012:

    $ 240,000   

2013:

    $ 226,456   

Russell Exchange Traded Funds Trust

The aggregate audit fees billed for professional services rendered by PwC for the audit of the Trust’s annual financial statements and services normally provided by PwC in connection with the statutory and regulatory filings or engagements for the fiscal years ended March 31, 2013 and March 31, 2012 were as follows:

 

2012:

    $ 263,100   

2013:

    $ 17,100   

Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item and the nature of the services comprising those fees were as follows:

Russell Investment Company

 

     Fees      Nature of Services
2012    $ 437,500       Tax Services Related to the Trust’s Audit
2013    $ 422,400       Tax Services Related to the Trust’s Audit

Russell Investment Funds

 

     Fees      Nature of Services
2012    $ 86,500       Tax Services Related to the Trust’s Audit
2013    $ 86,500       Tax Services Related to the Trust’s Audit

Russell Exchange Traded Funds Trust

 

     Fees      Nature of Services
2012    $ 0       Tax Services Related to the Trust’s Audit
2013    $ 0       Tax Services Related to the Trust’s Audit

 

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Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning and the nature of the services comprising the fees were as follows:

Russell Investment Company

 

2012:

    $ 358,396   

2013:

    $ 340,300   

Russell Investment Funds

 

2012:

    $ 73,500   

2013:

    $ 73,500   

Russell Exchange Traded Funds Trust

 

2012:

    $ 142,400   

2013:

    $ 128,977   

All Other Fees. PwC did not bill the Trusts for other products and services, other than the services reported above, for the Trusts’ two most recently completed fiscal years.

Aggregate Non-Audit Fees. There were no non-audit fees billed by PwC for the last two fiscal years.

Audit Committee Pre-Approval Policies and Procedures. The Audit Committee has adopted pre-approval policies and procedures for certain services provided by PwC. These policies and procedures are attached to this Joint Proxy Statement as Exhibit B.

Principal Holders and Ownership by Officers and Trustees

Security Ownership of Officers and Trustees. The officers and Trustees, as a group, own beneficially less than 1% of the shares of the Funds.

Beneficial Share Ownership. To the knowledge of the Trusts, no person owned beneficially more than 5% of the outstanding shares of any class of shares of any Fund, except as listed in Appendix B.

Other Matters to Come before the Special Meeting

The Trusts are not aware of any matters that will be presented for action at the meeting other than the matter set forth herein. Should any other matters requiring a vote of shareholders arise, the proxy in the accompanying form will confer upon the person or persons entitled to vote the shares represented by such proxy the discretionary authority to vote the shares as to any such other matters in accordance with their best judgment in the interest of the Trusts.

Householding

As permitted by law, only one copy of this Joint Proxy Statement may be delivered to shareholders residing at the same address, unless such shareholders have notified the Trusts of their desire to receive multiple copies of the reports and proxy statements the Trusts send. If you would like to receive an additional copy, please contact the Trusts’ proxy solicitation agent, Broadridge Financial Solutions, Inc., at 1-855-976-3325. The Trusts will then promptly deliver a separate copy of the Joint Proxy Statement to any shareholder residing at an address to

 

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which only one copy was previously mailed. Shareholders wishing to receive separate copies of the Trusts’ reports and proxy statements in the future, and shareholders sharing an address that wish to receive a single copy if they are receiving multiple copies should also direct requests as indicated.

Shareholder Communications with the Board of Trustees

If a Shareholder wishes to send a communication to the Board, or to a specified Trustee, the communication should be submitted in writing to the Secretary of the Trusts at 1301 Second Avenue, 18th Floor, Seattle, WA 98101 who will forward such communication to the Trustees.

SHAREHOLDER PROPOSALS

RIC and RIF, as Massachusetts business trusts, and RET, as a Delaware Statutory Trust, are not required to hold annual shareholder meetings, but will hold special meetings as required or deemed desirable. Since the Trusts do not hold regular meetings of shareholders, the anticipated date of the next shareholders meeting cannot be provided. Shareholders who wish to present a proposal for action at a future meeting should submit a written proposal to the Trusts at 1301 Second Avenue, 18th Floor, Seattle, WA 98101 for inclusion in a future proxy statement. Shareholder proposals to be presented at any future meeting of the Trusts must be received by the Trusts in writing within a reasonable amount of time before the Trusts solicit proxies for that meeting, in order to be considered for inclusion in the proxy materials for that meeting. Whether a proposal is included in a proxy statement will be determined in accordance with applicable federal and state laws. Shareholders retain the right to request that a meeting of the Shareholders be held for the purpose of considering matters requiring Shareholder approval.

Massachusetts State Law Considerations

Massachusetts law requires that shareholders of a Massachusetts business trust, such as RIC and RIF, may, under certain circumstances, be held personally liable as partners for such a trust’s obligations. However, RIC’s Second Amended and Restated Master Trust Agreement, as amended, and RIF’s Amended and Restated Master Trust Agreement, as amended, (collectively, the “Master Trust Agreements”) each contain an express disclaimer of Shareholder liability for acts or obligations of such Trust and provide for indemnification and reimbursement of expenses out of each Trust’s respective property for any Shareholder held personally liable for the obligations of the Trust. The Master Trust Agreements also provide that each Trust may maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of such Trust, the Shareholders of the sub-trusts, Trustees, officers, employees and agents covering possible tort and other liabilities. Thus, the risk that a Shareholder would incur financial loss on account of Shareholder liability also is limited to circumstances in which both inadequate insurance exists and a Trust itself is unable to meet its obligations.

VOTING INFORMATION

Requirement of a Quorum and Vote Needed

A quorum is the number of outstanding shares, as of the Record Date, that must be present, in person or by proxy, in order for a Trust to hold a valid shareholder meeting. The Trusts cannot hold a valid shareholder meeting unless there is a quorum of shareholders present in person or by proxy. With respect to RIC and RIF, RIC’s Second Amended and Restated Master Trust Agreement, as amended, and RIF’s Amended and Restated Master Trust Agreement, as amended, each require that the presence, in person or by proxy, of a majority of the shares entitled to vote shall constitute a quorum, unless a larger number of shares is required pursuant to law. With respect to RET, RET’s Amended and Restated Agreement and Declaration of Trust requires that the presence, in person or by proxy, of more than twenty-five percent (25%) of the total combined net asset value of all shares issued and outstanding and entitled to vote shall constitute a quorum, unless a larger number of shares is required pursuant to law. With respect to the proposal(s) affecting RIC and RIF, a majority of the shares

 

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entitled to vote on each such proposal as of the Record Date is required for a quorum for this Special Meeting. With respect to the proposal affecting RET, more than twenty-five percent (25%) of the total combined net asset value of all shares of RET entitled to vote as of the Record Date is required for a quorum.

For purposes of Proposal 1, your vote will be counted together with the votes of Shareholders of other Funds in the same Trust. For purposes of the Proposed Reclassifications in Proposal 2, your vote with respect to one Proposal 2 Fund in which you hold shares will be counted together with the votes of other Shareholders of such Proposal 2 Fund. A vote for a Proposed Reclassification with respect to one Proposal 2 Fund will not affect the approval of the Proposed Reclassification with respect to any other Proposal 2 Fund.

With respect to Proposal 1, each Trustee Nominee must receive a plurality of all outstanding shares of the Trust voting, and the Trustee Nominees receiving the most “FOR” votes will be elected (even if less than a majority of the votes cast), provided a quorum is present. Accordingly, with respect to RIC an RIF, each of Mses. Cavanaugh, Burgermeister and Krysty, must be one of the three Trustee Nominees receiving the most “FOR” votes in order to be elected. With respect to RET, Ms. Krysty must be the Trustee Nominee receiving the most “FOR” votes in order to be elected. Because each Trustee Nominee is up for election for a distinct seat on the Board and because it is expected that each such election will be uncontested, to the extent that a Trustee Nominee receives any votes, such Trustee Nominee will be elected.

With respect to Proposal 2, the approval of the reclassification of the investment objective of each Proposal 2 Fund from “fundamental” to “non-fundamental” requires the approval of a majority of the outstanding voting securities of that Proposal 2 Fund. The vote of a majority of the outstanding voting securities of a Proposal 2 Fund means the vote of the lesser of (a) 67% or more of the voting securities of such Proposal 2 Fund present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Proposal 2 Fund are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Proposal 2 Fund. Shareholders of each Proposal 2 Fund will vote separately on Proposal 2. The investment objective applicable to each Proposal 2 Fund will be reclassified only if approved by the Shareholders of that Proposal 2 Fund.

Under rules applicable to broker-dealers, if your broker holds your shares in its name, the broker is allowed to vote your shares on the election of the Trustee Nominees even if it has not received voting instructions from you. Broker non-votes (i.e., the scenario where a broker-dealer holding shares of a fund on behalf of a beneficial owner does not receive voting instructions from such beneficial owner, and the broker-dealer subsequently declines to vote, or is not permitted to vote, those shares at the special meeting) and abstentions with respect to Proposal 1 count as “present” solely for purposes of establishing a quorum, but will not count as votes against each nominee. Broker non-votes and abstentions will have the effect of a vote against Proposal 2.

Solicitation of Proxies

Proxies will be solicited primarily by mailing the Notice Regarding the Availability of Proxy Materials, but proxies also may be solicited through further mailings, telephone calls, personal interviews or e-mail by officers of the Funds, employees or agents of RIMCo, and one or more third-party agents, including other financial intermediaries, particularly as the date of the Special Meeting approaches. The Funds have retained a proxy solicitor, Broadridge Financial Solutions, Inc., to assist in forwarding and soliciting proxies. Pursuant to this arrangement, Broadridge Financial Solutions, Inc. has agreed to contact banks, brokers and proxy intermediaries to secure votes on the Proposals described in the Joint Proxy Statement. Should Shareholders require additional information regarding the proxy, they may call Broadridge Financial Solutions, Inc. toll-free at 1-855-976-3325.

Adjournments

In the event that a quorum is not present at the Special Meeting, the persons named as proxies may propose one or more adjournments of the Special Meeting to permit further solicitation of proxies. In addition, an

 

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adjournment is permitted if a quorum is present, but a majority has not been reached with respect to Proposal 2. Any such adjournment will require the affirmative vote of a majority of those shares represented at the Special Meeting in person or by proxy and entitled to vote at the Special Meeting. Signed proxies that have been returned to the Trusts without any indication of how the shareholder wished to vote will be voted in favor of the proposal to adjourn the Special Meeting.

Costs of the Special Meeting

The Funds will bear all expenses incurred in connection with Proposal 1 and Proposal 2, including the cost of soliciting proxies and the cost associated with any adjournments, whether or not the proposals are approved by shareholders. The cost of the Special Meeting will be allocated to each Trust, and borne by the Funds organized under such Trust. Costs that are collectively borne by the Funds of each Trust will be allocated among the Funds of such Trust on the basis of relative net assets, except when direct costs can reasonably be attributed to one or more specific Funds.

Additional Information

The date of this Joint Proxy Statement is February 5, 2014.

Additional information about the Funds is available in their respective prospectuses, statements of additional information and annual and semi-annual reports to Shareholders. The Funds’ most recent annual and semi-annual reports have previously been mailed to Shareholders. Additional copies of any of these documents are available without charge by calling 1-800-787-7354 (RIC and RIF Shareholders) or 1-888-775-3837 (RET Shareholders), by writing to 1301 Second Avenue, 18th Floor, Seattle, WA 98101 or by visiting the Funds’ website at www.russell.com. All of these documents also are on file with the Securities and Exchange Commission (the “SEC”) and are available on the SEC’s website at www.sec.gov.

PLEASE VOTE THROUGH THE INTERNET OR BY TELEPHONE BY FOLLOWING THE INSTRUCTIONS ON THE NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS. ALTERNATIVELY, IF YOU HAVE REQUESTED OR RECEIVED A PROXY CARD BY MAIL, PLEASE COMPLETE, SIGN AND RETURN THE ENCLOSED PROXY PROMPTLY. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.

 

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INDEX TO APPENDICES AND EXHIBITS TO JOINT PROXY STATEMENT

Exhibit A – Audit Committee Charter

Exhibit B – Audit and Non-Audit Services Pre-Approval Policy

Exhibit C – Nominating and Governance Committee Charter

Appendix A – Fund Shares Outstanding as of January 17, 2014

Appendix B – 5% Beneficial Owners of Fund Shares as of December 31, 2013 (RIC  & RIF); 5% Beneficial Owners of Fund Shares as of January 21, 2014 (RET)

 

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EXHIBIT A

RUSSELL INVESTMENT COMPANY (“RIC”)

RUSSELL INVESTMENT FUNDS (“RIF”)

AND

RUSSELL EXCHANGE TRADED FUNDS TRUST (“RET”)

AUDIT COMMITTEE CHARTER

This Audit Committee Charter (the “Charter”) is adopted by the Board of Trustees (the “Board”) of each of Russell Investment Company, Russell Investment Funds and Russell Exchange Traded Funds Trust (each the “Trust”) on behalf of its series (the “Funds”).

 

1. The Audit Committee of the Board (the “Committee”) shall be composed entirely of independent trustees of the Trust. Each of these members shall be financially literate and at least one shall possess accounting or related financial management experience.1

 

2. The purposes of the Committee are:

 

  (a) to assist Board oversight of (1) the integrity of the Funds’ financial statements, (2) the Trust’s compliance with legal and regulatory requirements that relate to financial reporting, as appropriate, (3) the independent auditor’s qualifications and independence, and (4) the performance of the Trust’s independent auditor;

 

  (b) to oversee the preparation of an audit committee report as required by the United States Securities and Exchange Commission (the “SEC”) to be included in the Trust’s Form N-CSR or any proxy statement, as applicable;

 

  (c) to oversee the Trust’s accounting and financial reporting policies and practices and its internal controls;

 

  (d) to act as a liaison between the Trust’s independent auditors and the full Board.

The function of the Committee is oversight; it is management’s responsibility to maintain appropriate systems for accounting and internal control, and the auditors’ responsibility to plan and carry out a proper audit. The auditor shall report directly to the Committee.

 

3. To carry out its purposes, the Committee shall have the following duties and powers:

 

  (a) to select, subject to ratification by the Board, and to recommend to the Board the retention or termination of, the independent auditor to provide audit, review or attest services to the Trust, and, in connection therewith, to evaluate the independence of the auditors, and to receive the auditors’ specific representations as to their independence as part of such evaluation, each in compliance with applicable standards, and to be responsible for the compensation of the auditors and oversight of the work of the auditors (including resolution of disagreements between management and the auditor regarding financial reporting);

 

  (b) to pre-approve all permissible non-audit services to be provided to the Trust by the independent auditor;

 

  (c) to approve, as required, all non-audit services to be provided by the Trust’s independent auditor to the Funds’ investment adviser or to any entity that controls, is controlled by or is under common control with the Funds’ investment adviser and that provides ongoing services to the Funds;

 

1  To the extent that the Board declares that any Committee member is an “audit committee financial expert,” that member shall be deemed to possess accounting or related financial experience.

 

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  (d) to establish, if deemed necessary or appropriate as an alternative to Committee pre-approval of services to be provided by the independent auditor as required by paragraphs (b) and (c) above, policies and procedures to permit such services to be pre-approved by other means, such as by action of a designated member or members of the Committee, subject to subsequent Committee review or oversight;

 

  (e) to meet with the Trust’s independent auditors, including private meetings, as necessary: (i) to review the arrangements for and scope of the Trust’s annual audit and any special audits; (ii) to discuss any matters of concern relating to the Funds’ financial statements, including any adjustments to such statements recommended by the auditors, or other results of said audit(s); (iii) to receive and consider the auditors’ comments with respect to the Funds’ financial policies, procedures and internal accounting controls and management’s responses thereto; and (iv) to review the form of opinion the auditors propose to render to the Board and shareholders;

 

  (f) to receive and consider reports from the Trust’s independent auditor regarding: (i) all critical accounting policies and practices of the Trust to be used; (ii) all alternative accounting treatments for policies and practices related to material items that have been discussed with management, including the potential ramifications of use of those treatments and the treatment preferred by the auditor; (iii) any material written communications between the auditor and management; and (iv) all non-audit services provided to any entity in the Trust’s investment company complex that were not pre-approved by the Committee or provided pursuant to pre-approval policies and procedures established by the Committee and associated fees; such reports to be received and considered annually prior to the filing of the audit report with the SEC and, if the annual communication is not within 90 days prior to the filing of the audit report with the SEC, the Committee shall receive and consider an update in the 90 days prior to the filing of any changes to the previously reported information;

 

  (g) to discuss with management and the auditors any significant or extraordinary transactions or procedures that are brought to its attention or of which it becomes aware, which may include compliance or valuation-related procedures, and the effect of any such transactions or procedures upon the Funds;

 

  (h) ensure that the outside auditor submits at least annually to the Committee an auditors’ report describing the auditor’s quality control procedures, any internal or peer quality control review, any inquiry or investigation of the auditor by governmental or professional authorities and any steps taken to deal with issues raised by such inquiries or investigations as well as delineating all relationships between the auditor and the Trust; to actively engage in a dialogue with respect to any disclosed relationships or services that may impact the objectivity and independence of the outside auditor; and to recommend that the Board take appropriate action in response to the auditor’s report to satisfy itself of the outside auditor’s independence;

 

  (i) to discuss with the auditors any audit-related problems or difficulties and management’s response thereto;

 

  (j) to discuss and review with management and the auditors the effect upon the Funds of any changes in accounting principles or practices proposed by management or the auditors;

 

  (k) to review and approve the fees charged by the auditors for audit and non-audit services;

 

  (l) to consult with the Board, as requested, in connection with the Board’s determination whether one or more members of the Committee qualify as an “audit committee financial expert,” as defined under SEC rules;

 

  (m) to receive reports from Trust management of any significant deficiencies in the design or operation of the Trust’s internal controls that could adversely affect the Trust’s ability to record, process, summarize and report financial data, any material weaknesses in the Trust’s internal controls and any fraud, whether or not material, that involves management or other employees of the Trust who have a significant role in the Trust’s internal controls, and to evaluate any corrective actions taken by management or proposed be taken by management or the Board;

 

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  (n) to investigate improprieties or suspected improprieties in Trust operations that relate to financial reporting, as appropriate, and that are brought to its attention or of which it becomes actually aware;

 

  (o) to report its activities to the full Board on a regular basis and to make such recommendations with respect to the above and other matters as the Committee may deem necessary or appropriate: and

 

  (p) to oversee administration of the Trust’s Senior Mutual Fund Officer Code of Ethics, including granting waivers and determining sanctions for any purported violations of that code that are brought to its attention or of which it becomes actually aware and informing and making recommendations thereon to the Board, as well as considering any approvals, interpretations and waivers of that code sought by the Chief Executive Officer.

 

4. The Committee shall meet on a regular basis and is empowered to hold special meetings, as circumstances require. The Committee may meet in person or by telephone, and a majority of Committee members then in office shall constitute a meeting quorum. The Committee may act by a vote of a majority of those members present at a meeting and constituting a quorum, or by written consent of a majority of Committee members.

 

5. The Committee shall oversee the development, establishment and review of complaint procedures regarding accounting, internal auditing controls or auditing matters. These complaint procedures shall provide for the anonymous and confidential submission and receipt of complaints from fund employees as well as employees of any fund service providers.

 

6. The Committee shall, from time to time and as it deems appropriate, meet with the Treasurer of the Trust and with internal auditors, if any, for the management company.

 

7. The Committee shall set clear policies with regard to the Trust’s ability to hire employees or former employees of the auditor.

 

8. The Committee shall have the resources, including financial resources, and authority appropriate to discharge its responsibilities, including the authority to retain independent counsel and any other adviser, experts or consultants at the expense of the appropriate Fund(s).

 

9. The Committee shall evaluate its performance annually.

The Committee shall review this Charter at least annually and recommend any changes to the full Board.

Dated: December 4, 2012

 

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EXHIBIT B

Russell Investment Company

Russell Investment Funds

Russell Exchange Traded Funds Trust

Audit and Non-Audit Services Pre-Approval Policy

Effective Date: August 30, 2013

 

I. Statement of Purpose.

This Policy has been adopted by the joint Audit Committee (the “Audit Committee”) of Russell Investment Company (“RIC”), Russell Investment Funds (“RIF”) and Russell Exchange Traded Funds Trust (“RET”) to apply to any and all engagements of the independent auditor to RIC, RIF and RET, respectively, for audit, non-audit, tax or other services. The term “Fund” shall collectively refer to RIC, RIF and RET. The term “Investment Adviser” shall refer to the Funds’ advisor, Russell Investment Management Company (“RIMCo”). This Policy does not delegate to management the responsibilities set forth herein for the pre-approval of services performed by the Funds’ independent auditor.

 

II. Statement of Principles.

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of a Fund’s Board of Trustees (the “Audit Committee”) is charged with responsibility for the appointment, compensation and oversight of the work of the independent auditor for the fund. As part of these responsibilities, the Audit Committee is required to pre-approve the audit services and permissible non-audit services (“non-audit services”) performed by the independent auditor for the fund to assure that the independence of the auditor is not in any way compromised or impaired. In determining whether an auditor is independent, there are three guiding principles under the Act that must be considered. In general, the independence of the auditor to the fund would be deemed impaired if the auditor provides a service whereby it:

 

  •   Functions in the role of management of the fund, the adviser of the fund or any other affiliate* of the fund;

 

  •   Is in the position of auditing its own work; or

 

  •   Serves in an advocacy role for the fund, the adviser of the fund or any other affiliate of the fund.

Accordingly, it is the Funds’ policy that the independent auditor for the Funds must not be engaged to perform any service that contravenes any of the three guidelines set forth above, or which in any way could be deemed to impair or compromise the independence of the auditor for the Funds. This Policy is designed to accomplish those requirements and will henceforth be applied to all engagements by the Funds of its independent auditor, whether for audit, audit-related, tax, or other non-audit services.

Rules adopted by the United States Securities and Exchange Commission (the “SEC”) establish two distinct approaches to the pre-approval of services by the Audit Committee. The proposed services either may receive general pre-approval through adoption by the Audit Committee of a list of authorized services for the fund, together with a budget of expected costs for those services (“general pre-approval”), or specific pre-approval by the Audit Committee of all services provided to the fund on a case-by-case basis (“specific pre-approval”).

The Funds’ Audit Committee believes that the combination of these two approaches reflected in this Policy will result in an effective and efficient procedure for the pre-approval of permissible services performed by the Funds’ independent audit. The Funds’ Audit and Non-Audit Pre-Approved Services Schedule lists the audit, audit-related, tax and other services that have the general pre-approval of the Audit Committee. As set forth in this Policy, unless

 

* For purposes of this Policy, an affiliate of the Funds is defined as the Funds’ investment adviser (but not a sub-adviser whose role is primarily portfolio management and whose activities are overseen by the principal investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund.

 

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a particular service has received general pre-approval, those services will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. Any proposed service to the Funds that exceeds the pre-approved budget for those services will also require specific pre-approval by the appropriate Audit Committee.

In assessing whether a particular audit or non-audit service should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee will review the list of general pre-approved services, including the pre-approved budget for those services, at least annually and more frequently if deemed appropriate by the Audit Committee, and may implement changes thereto from time to time.

 

III. Delegation.

As provided in the Act and in the SEC’s rules, the Audit Committee from time to time may delegate either general or specific pre-approval authority to one or more of its members. Any member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

 

IV. Audit Services.

The annual audit services engagement terms and fees for the independent auditor for the Funds require specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor in order to be able to form an opinion on the financial statements for the Funds for that year. These other procedures include reviews of information systems, procedural reviews and testing performed in order to understand and rely on the Funds’ systems of internal control, and consultations relating to the audit. Audit services also include the attestation engagement for the independent auditor’s report on the report from management on financial reporting internal controls. The Audit Committee will review the audit services engagement as necessary or appropriate in the sole judgment of the Audit Committee.

In addition to the pre-approval by the Audit Committee of the annual engagement of the independent auditor to perform audit services, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. These may include statutory audits and services associated with the Funds’ SEC registration statement on Form N-1A, periodic reports and documents filed with the SEC or other documents issued in connection with the Funds’ securities offerings.

The Audit Committee has pre-approved the audit services set forth in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit services not listed in Schedule A of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee.

 

V. Audit-Related Services.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the financial statements for the Funds, or the separate financial statements for a series of the Funds that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not compromise or impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant pre-approval to audit related services. “Audit related services” include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services;” assistance with understanding and implementing new accounting and financial report or disclosure matters not classified as “audit services;”

 

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assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal reporting requirements under Form N-SAR and Form N-CSR.

The Audit Committee has pre-approved the audit-related services set forth in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule. All other audit-related services not listed in Schedule B of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee.

 

VI. Tax Services.

The Audit Committee believes that the independent auditor can provide tax services to the Funds, such as tax compliance, tax planning and tax advice, without impairing the auditor’s independence and the SEC has stated that the independent auditor may provide such services. Consequently, the Audit Committee believes that it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. However, the Audit Committee will not permit the retention of the independent auditor to provide tax advice in connection with any transaction recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported by the United States Internal Revenue Code and related regulations or the applicable tax statutes and regulations that apply to the Funds’ investments outside the United States. The Audit Committees will consult with the Treasurer of the Funds or outside counsel to determine that the Funds’ tax planning and reporting positions are consistent with this policy.

The Audit Committee has pre-approved the tax services set forth in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule. All other tax services not listed in Schedule C of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee.

 

VII. All Other Services.

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes that it may grant general pre-approval to those permissible non-audit services classified as “all other” services that the Audit Committee believes are routine and recurring services, would not impair or compromise the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the permissible “all other services” set forth in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule. Permissible “all other services” not listed in Schedule D of the Audit and Non-Audit Pre-Approved Services Schedule must be specifically pre-approved by the Audit Committee.

A list of the SEC’s prohibited non-audit services are as follows:

 

  •   Bookkeeping or other services relating to the accounting records or financial statements of the Funds

 

  •   Financial information system design and implementation

 

  •   Appraisal or valuation services, fairness opinions or contribution-in-kind reports

 

  •   Actuarial services

 

  •   Internal audit outsourcing services

 

  •   Management functions

 

  •   Human resources services

 

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  •   Broker-dealer, investment adviser or investment banking services

 

  •   Legal services

 

  •   Expert services unrelated to the audit

The SEC’s rules and relevant official interpretations and guidance should be consulted to determine the scope of these prohibited services and the applicability of any exceptions to certain of the prohibitions. Under no circumstance may an executive, manager or associate of the Funds, or the Investment Advisor, authorize the independent auditor for the Funds to provide prohibited non-audit services.

 

VIII. Pre-Approval Fee Levels or Budgeted Amounts.

Pre-Approval fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee and shall be subject to periodic subsequent review during the year if deemed appropriate by the Audit Committee (separate amounts may be specified for the Fund and for other affiliates in the investment company complex subject to pre-approval). Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee will be mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriateness of the ratio between the total amount of fees for Audit, Audit-related, and Tax services for the Funds (including any Audit-related or Tax services fees for affiliates subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as “all other services” for the Funds (including any such services for affiliates subject to pre-approval by the Audit Committee).

 

IX. Procedures.

All requests or applications for services to be provided by the independent auditor that do not require specific pre-approval by the Audit Committee will be submitted to the “RIC/RIF/RET Clearance Committee” (the “Clearance Committee”) (which shall be comprised of not less than three members, including the Treasurer of the Funds who shall serve as its Chairperson) and must include a detailed description of the services to be rendered and the estimated costs of those services. The Clearance Committee will determine whether such services are included within the list of services that have received general pre-approval by the Audit Committee. The Audit Committee will be informed not less frequently than quarterly by the Chairperson of the Clearance Committee of any such services rendered by the independent auditor for the Funds and the fees paid to the independent auditors for such services.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Clearance Committee and must include a joint certification by the engagement partner of the independent auditor and the Chairperson of the Clearing Committee that, in their view, the request or application is consistent with the SEC’s rules governing auditor independence.

The Internal Audit Department of Frank Russell Company, the parent company of RIMCo, and the officers of RIC, RIF and RET will report to the Chairman of the Audit Committee any breach of this Policy that comes to the attention of the Internal Audit Department of Frank Russell Company or an officer of RIC, RIF or RET.

 

X. Additional Requirements.

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work performed by the independent auditor and to assure the independent auditor’s continuing independence from the Funds and its affiliates, including Frank Russell Company. Such efforts will include, but not be limited to, reviewing a written annual statement from the independent auditor delineating all relationships between the independent auditor and RIC, RIF, RET and Frank Russell Company and its subsidiaries and affiliates, consistent with Independence Standards Board Standard No. 1, and discussing with the independent auditor its methods and procedures for ensuring its independence.

 

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EXHIBIT C

BOARD OF TRUSTEES

RUSSELL INVESTMENT COMPANY (“RIC”)

RUSSELL INVESTMENT FUNDS (“RIF”)

AND

RUSSELL EXCHANGE TRADED FUNDS TRUST (“RET”)

NOMINATING AND GOVERNANCE COMMITTEE CHARTER

Nominating and Governance Committee Membership

The Nominating and Governance Committee (the “Committee”) shall be composed entirely of Trustees (“Independent Trustees”) who are not “interested” persons of Russell Investment Company (“RIC”), Russell Investment Funds (“RIF”) or Russell Exchange Traded Funds Trust (“RET”) as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”).

Board Nominations and Functions

 

1. The Committee shall identify individuals and make nominations to the RIC, RIF and RET Boards of Trustees (the “Board”) for Trustee membership on the Board. The Committee shall evaluate candidates’ qualifications for Board membership and, in the case of Independent Trustee candidates, their independence from Russell Investment Management Company (“RIMCo”), RIC, RIF and RET’s investment manager, and from sub-advisors to RIC, RIF and RET’s portfolios (“money managers”) and other principal service providers. In evaluating all candidates for membership on the Board, the Committee should consider, among other factors that it may deem relevant:

 

  •   whether or not the person is willing and able to commit the time necessary for the performance of the duties of a Trustee;

 

  •   whether the person is otherwise qualified under applicable laws and regulations to serve as a Trustee;

 

  •   the contribution which the person may be expected to make to the Board and RIC, RIF and RET, with consideration being given to the person’s business and professional experience, board experience, education and such other factors as the Committee, in its sole judgment, may consider relevant; and

 

  •   the character and integrity of the person.

In evaluating Independent Trustee candidates, the Committee should also consider, among other factors that it may deem relevant:

 

  •   whether or not the person is an “interested person” as defined in the 1940 Act;

 

  •   whether or not the person has any relationships that might impair his or her independence, such as any business, financial or family relationships with RIC, RIF and RET management, RIMCo, any money manager or any other principal RIC, RIF and RET service providers or their affiliates;

 

  •   whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes; and

 

  •   whether or not the selection and nomination of the person would be consistent with the requirements of RIC, RIF and RET’s retirement policies.

After a determination by the Committee that a person should be selected and nominated as an Independent Trustee, the Committee shall present its recommendation to the Board for its consideration.

 

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2. The Committee shall supervise an annual assessment by Trustees, which assessment shall take into account such factors as the Committee may deem appropriate. The results of the assessment shall be summarized and presented to the Board for consideration as to any appropriate actions.

 

3. The Committee shall periodically review the composition of the Board to determine whether it may be appropriate to add individuals with different backgrounds or skill sets from those already on the Board.

 

4. The Committee shall periodically review Independent Trustee compensation and shall recommend any appropriate changes to the Independent Trustees as a group.

Committee Nominations and Functions

 

1. The Committee shall make nominations to the Board for membership on all committees of the Board and shall review committee assignments at least annually.

 

2. The Committee shall review as necessary the responsibilities of any committees of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Committee shall make recommendations for any such action to the Board.

Independent Trustee Education

 

1. The Committee shall ensure there is an orientation program for newly-elected Independent Trustees designed to familiarize such Independent Trustees with the business and regulation of registered investment companies generally; the respective roles of RIMCo, the Board and the Independent Trustees in the business and affairs of RIC, RIF and RET; and such other matters as the Committee, in its sole judgment, shall deem appropriate.

 

2. The Committee shall establish policies and practices with respect to Independent Trustee attendance at industry conferences and events.

Other Powers and Responsibilities

 

1. The Committee shall monitor the performance of legal counsel employed by RIC, RIF and RET and the Independent Trustees, and shall be responsible for the supervision of counsel for the Independent Trustees.

 

2. The Committee shall develop and recommend to the Board a set of corporate governance guidelines applicable to RET.

 

3. The Committee has the authority to retain and terminate any search firm used to identify Trustee candidates, including the sole authority to approve the search firm’s fees and other retention terms.

 

4. The Committee shall have the resources and authority appropriate to discharge its responsibilities, including authority to retain special counsel and other experts or consultants at the expense of the appropriate portfolio(s) of RIC, RIF and RET.

 

5. The Committee may request, and RIC, RIF and RET’s management shall provide, such information and analyses and access to RIC, RIF and RET’s officers, agents, representatives and service providers, including RIMCo, as shall be reasonably necessary for the Committee to carry out its responsibilities.

 

6. The authority, powers and rights of the Committee as described in this Charter are not intended and shall not operate to reduce, restrict or limit in any manner whatsoever the authority, powers and rights which are granted to the Board and Committees thereof, including the Committee, under RIC’s and RIF’s master trust agreements or RET’s Second Amended and Restated Agreement and Declaration o f Trust or the By-laws of RIC, RIF and RET. In the event of any inconsistency between this Charter and any of such organizational documents, the provisions of the latter shall be given precedence.

 

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7. At any meeting of the Committee, a majority of the Independent Trustees on the Committee shall constitute a quorum. Any action may be taken by the Committee at a meeting at which there is a quorum present by a vote of a majority of the Committee members present.

 

8. With respect to RIC and RIF, the Board initially considered and adopted this Charter on August 20, 2001. With respect RET, the Board initially considered and adopted this Charter on December 4, 2012. The Committee shall review this Charter at least annually and recommend any changes to the Board.

Dated: December 4, 2012

 

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APPENDIX A

FUND SHARES OUTSTANDING AS OF JANUARY 17, 2014

RUSSELL INVESTMENT COMPANY

2015 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        1,749,089.916   

Class R2

        518,866.036   

Class R3

        1,066,511.722   

Total all classes

        3,334,467.674   

2020 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        124,177.343   

Class E

        182,509.600   

Class R1

        7,517,853.998   

Class R2

        1,285,673.387   

Class R3

        4,759,158.184   

Class S

        1,724,560.964   

Total all classes

        15,593,933.476   

2025 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        2,111,529.520   

Class R2

        587,629.982   

Class R3

        1,470,065.942   

Total all classes

        4,169,225.444   

2030 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        161,724.300   

Class E

        41,681.400   

Class R1

        6,738,505.801   

Class R2

        1,535,249.986   

Class R3

        4,255,555.052   

Class S

        1,721,009.070   

Total all classes

        14,453,725.609   

2035 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        1,098,640.673   

Class R2

        555,557.249   

Class R3

        1,076,112.207   

Total all classes

        2,730,310.129   

 

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2040 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        85,377.607   

Class E

        88,756.982   

Class R1

        5,364,516.084   

Class R2

        961,432.089   

Class R3

        2,843,621.875   

Class S

        1,609,132.584   

Total all classes

        10,952,837.221   

2045 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        685,033.601   

Class R2

        321,274.425   

Class R3

        448,966.305   

Total all classes

        1,455,274.331   

2050 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        1,234,925.020   

Class R2

        383,089.881   

Class R3

        623,416.767   

Total all classes

        2,241,431.668   

2055 Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class R1

        54,570.911   

Class R2

        112,817.858   

Class R3

        39,031.900   

Total all classes

        206,420.669   

Balanced Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        91,023,681.018   

Class C

        109,626,677.478   

Class E

        6,495,870.013   

Class R1

        23,787,144.126   

Class R2

        22,360,813.690   

Class R3

        15,161,421.182   

Class S

        51,713,062.271   

Total all classes

        320,168,669.778   

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Conservative Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        12,066,159.466   

Class C

        20,226,172.642   

Class E

        1,979,914.516   

Class R1

        3,732,617.315   

Class R2

        3,015,160.323   

Class R3

        3,284,926.562   

Class S

        7,237,937.827   

Total all classes

        51,542,888.651   

Equity Growth Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        21,206,426.162   

Class C

        32,604,969.612   

Class E

        2,464,145.341   

Class R1

        7,061,659.997   

Class R2

        8,087,778.360   

Class R3

        5,834,131.720   

Class S

        16,585,497.609   

Total all classes

        93,844,608.801   

Growth Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        66,564,786.460   

Class C

        67,936,269.176   

Class E

        5,509,742.596   

Class R1

        13,265,240.151   

Class R2

        16,662,450.387   

Class R3

        9,931,839.655   

Class S

        26,677,519.032   

Total all classes

        206,547,847.457   

In Retirement Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        46,368.620   

Class R1

        2,695,796.535   

Class R2

        601,892.778   

Class R3

        1,577,661.649   

Total all classes

        4,921,719.582   

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Moderate Strategy Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        20,094,902.450   

Class C

        27,116,230.960   

Class E

        3,742,716.307   

Class R1

        5,407,590.079   

Class R2

        5,450,447.184   

Class R3

        4,268,656.363   

Class S

        13,485,511.634   

Total all classes

        79,566,054.977   

Russell Commodity Strategies Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        2,346,261.895   

Class C

        1,306,750.849   

Class E

        2,176,869.182   

Class S

        96,866,792.324   

Class Y

        32,186,416.337   

Total all classes

        134,883,090.587   

Russell Emerging Markets Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        1,161,172.521   

Class C

        1,706,082.582   

Class E

        2,897,896.540   

Class S

        112,908,294.277   

Class Y

        33,675,226.361   

Total all classes

        152,348,672.281   

Russell Global Real Estate Securities Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        757,160.457   

Class C

        1,162,961.062   

Class E

        1,029,788.593   

Class S

        37,118,318.034   

Class Y

        6,080,329.859   

Total all classes

        46,148,558.005   

Russell Global Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        1,045,735.777   

Class C

        1,313,078.865   

Class E

        5,253,995.357   

Class S

        185,128,068.255   

Class Y

        103,335,573.131   

Total all classes

        296,076,451.385   

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Russell Global Infrastructure Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        645,667.856   

Class C

        535,341.734   

Class E

        2,739,007.915   

Class S

        89,099,885.841   

Class Y

        43,531,004.141   

Total all classes

        136,550,907.487   

Russell Global Opportunistic Credit Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        791,838.047   

Class C

        1,209,288.247   

Class E

        2,763,814.604   

Class S

        92,050,783.897   

Class Y

        47,237,216.373   

Total all classes

        144,052,941.168   

Russell International Developed Markets Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        794,501.692   

Class C

        1,179,336.928   

Class E

        2,554,242.514   

Class I

        19,828,337.578   

Class S

        60,412,578.099   

Class Y

        34,580,078.824   

Total all classes

        119,349,075.635   

Russell Investment Grade Bond Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        404,031.275   

Class C

        1,098,863.499   

Class E

        1,629,544.590   

Class I

        14,974,595.329   

Class S

        38,442,031.683   

Class Y

        20,825,406.648   

Total all classes

        77,374,473.024   

Russell Multi-Strategy Alternative Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        273,490.033   

Class C

        879,081.355   

Class E

        1,714,987.790   

Class S

        61,144,195.661   

Class Y

        31,382,093.946   

Total all classes

        95,393,848.785   

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Russell Short Duration Bond Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        1,828,487.736   

Class C

        5,643,467.016   

Class E

        2,136,508.915   

Class S

        40,722,933.570   

Class Y

        15,129,104.718   

Total all classes

        65,460,501.955   

Russell Strategic Bond Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        5,898,495.673   

Class C

        7,010,822.257   

Class E

        14,018,779.919   

Class I

        108,868,093.281   

Class S

        341,038,607.908   

Class Y

        186,410,091.507   

Total all classes

        663,244,890.545   

Russell Strategic Call Overwriting Fund

 

Class

        Shares Outstanding on Record Date  

Class S

        7,590,971.166   

Total all classes

        7,590,971.166   

Russell Tax Exempt Bond Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        609,899.725   

Class C

        1,204,457.939   

Class E

        2,249,435.334   

Class S

        36,973,209.131   

Total all classes

        41,037,002.129   

Russell Tax-Managed U.S. Large Cap Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        418,811.880   

Class C

        583,585.140   

Class E

        1,342,221.714   

Class S

        28,769,636.107   

Total all classes

        31,114,254.841   

Russell Tax-Managed U.S. Mid & Small Cap Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        160,834.132   

Class C

        633,450.702   

Class E

        271,347.188   

Class S

        11,425,280.663   

Total all classes

        12,490,912.685   

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Russell U.S. Core Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        863,368.258   

Class C

        1,429,504.913   

Class E

        474,550.125   

Class I

        14,726,939.462   

Class S

        11,194,072.072   

Class Y

        21,721,371.323   

Total all classes

        50,409,806.153   

Russell U.S. Defensive Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        651,967.328   

Class C

        1,183,454.141   

Class E

        387,930.816   

Class I

        6,719,017.667   

Class S

        6,819,710.484   

Class Y

        18,671,471.850   

Total all classes

        34,433,552.286   

Russell U.S. Dynamic Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        103,635.744   

Class C

        1,012,176.629   

Class E

        256,092.831   

Class I

        2,341,286.283   

Class S

        6,818,214.534   

Class Y

        51,506,269.735   

Total all classes

        62,037,675.756   

Russell U.S. Large Cap Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        385,598.319   

Class C

        84,780.506   

Class S

        28,295,786.966   

Total all classes

        28,766,165.791   

Russell U.S. Mid Cap Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        248,016.241   

Class C

        98,396.142   

Class S

        13,794,461.705   

Total all classes

        14,140,874.088   

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Russell U.S. Small Cap Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        811,757.485   

Class C

        1,129,241.820   

Class E

        1,499,576.174   

Class I

        6,097,560.028   

Class S

        44,945,720.484   

Class Y

        15,159,372.886   

Total all classes

        69,643,228.877   

Russell U.S. Strategic Equity Fund

 

Class

        Shares Outstanding on Record Date  

Class A

        273,766.209   

Class C

        933,557.012   

Class E

        7,901,591.319   

Class S

        248,652,072.706   

Total all classes

        257,760,987.246   

RUSSELL INVESTMENT FUNDS

 

Fund

        Shares Outstanding on Record Date  

Multi-Style Equity Fund

        24,710,117.442   

Aggressive Equity Fund

        14,750,671.056   

Non-U.S. Fund

        33,472,832.631   

Core Bond Fund

        70,246,761.113   

Global Real Estate Securities Fund

        44,880,561.226   

Moderate Strategy Fund

        9,996,085.899   

Balanced Strategy Fund

        29,132,113.508   

Growth Strategy Fund

        18,670,030.585   

Equity Growth Strategy Fund

        5,231,854.856   

RUSSELL EXCHANGE TRADED FUNDS TRUST

 

Fund

        Shares Outstanding on Record Date  

Russell Equity ETF

        300,000   

Table of Contents

APPENDIX B

5% BENEFICIAL OWNERS OF FUND SHARES  AS OF DECEMBER 31, 2013 (RIC & RIF) AND JANUARY 21, 2014 (RET)

As of December 31, 2013, the following shareholders were beneficial owners of the percentages of outstanding shares of the classes of the Funds indicated below.

RUSSELL INVESTMENT COMPANY

2015 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      195,424.96         10.91 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      476,967.11         26.62 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 P.O. BOX 17748 DENVER CO 80217-0748      166,545.53         9.30 % 

Class R1

    GREAT-WEST TRUST COMPANY LLC TRUST/ RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      314,382.21         17.55 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      466,125.50         26.02 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      366,284.38         70.09 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      42,874.00         8.20 % 

Class R2

    TD AMERITRADE TRUST COMPANY CO#0087N P.O. BOX 17748 DENVER CO 80217-0748      41,974.07         8.03 % 

Class R3

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      60,281.89         5.65 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      133,462.57         12.50 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      93,991.78         8.81 % 

Class R3

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      131,887.93         12.36 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      350,796.44         32.86 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      109,767.43         10.28 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2020 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      117,751.03         94.82 % 

Class E

    NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029      32,671.54         17.08 % 

Class E

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      71,080.70         37.15 % 

Class E

    UMB BANK, NA C/F PERTH AMBOY BOE 403B FBO KAREN K SPRINGER 3 VANDERBILT PL WOODBRIDGE NJ 07095-3524      15,333.85         8.01 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      72,023.16         37.65 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,096,484.64         14.01 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      1,107,331.80         14.15 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      1,534,093.76         19.60 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 PO BOX 17748 DENVER CO 80217-0748      841,851.74         10.76 % 

Class R1

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      400,432.53         5.12 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,830,163.26         23.39 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      485,267.35         37.26 % 

Class R2

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      76,595.65         5.88 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      80,294.35         6.16 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      535,238.21         41.09 % 

Class R3

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      360,108.06         7.38 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      366,064.39         7.50 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      777,329.74         15.93 % 

Table of Contents

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      334,336.19         6.85 % 

Class R3

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      798,121.03         16.35 % 

Class R3

    GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002      372,233.72         7.63 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      686,520.72         14.07 % 

Class S

    RELIANCE TRUST COMPANY FBO DENVER ATHLETIC PO BOX 48529 ATLANTA GA 30362-1529      91,861.65         5.30 % 

Class S

    WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 9888888836 NC-1076 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      236,128.35         13.61 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,275,697.85         73.55 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2025 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      189,673.41         8.96 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      130,917.87         6.18 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      941,195.30         44.46 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      627,759.17         29.66 % 

Class R2

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      30,338.18         5.15 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      442,244.50         75.06 % 

Class R3

    AUL UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      189,745.77         12.93 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      385,508.55         26.27 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      391,119.03         26.65 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      143,218.09         9.76 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2030 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      157,017.07         94.45 % 

Class E

    NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029      24,329.70         52.68 % 

Class E

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      3,148.86         6.82 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      17,738.35         38.41 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      992,902.01         14.58 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      835,184.82         12.26 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      1,270,786.73         18.66 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 PO BOX 17748 DENVER CO 80217-0748      765,567.29         11.24 % 

Class R1

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      467,325.14         6.86 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,613,977.50         23.69 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD MA 01111-0002      563,371.78         35.11 % 

Class R2

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      304,574.37         18.98 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      154,087.56         9.60 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      457,547.85         28.52 % 

Class R3

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      274,277.08         6.43 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      359,729.97         8.43 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      647,789.29         15.19 % 

Class R3

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      499,397.81         11.71 % 

Table of Contents

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R3

    GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002      472,044.22         11.07 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      852,059.73         19.98 % 

Class S

    RELIANCE TRUST COMPANY FBO DENVER ATHLETIC PO BOX 48529 ATLANTA GA 30362-1529      111,578.88         6.50 % 

Class S

    WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 9888888836 NC-1076 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      140,908.81         8.21 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,291,983.34         75.29 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2035 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      100,600.28         9.44 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      562,088.96         52.76 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      200,838.24         18.85 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      353,487.86         63.86 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      71,344.43         12.89 % 

Class R2

    WILMINGTON TRUST RISC AS TTEE FBO BX SOLUTIONS 401K PLAN PO BOX 52129 PHOENIX
AZ 85072-2129		      41,536.39         7.50 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      116,847.63         10.93 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      221,177.53         20.70 % 

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      77,164.12         7.22 % 

Class R3

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      67,229.28         6.29 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      397,175.09         37.16 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2040 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      73,538.37         86.13 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      6,225.95         7.29 % 

Class E

    NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029      67,951.43         71.75 % 

Class E

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      7,531.14         7.95 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      18,964.62         20.03 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      701,517.71         13.09 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      646,344.34         12.06 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      967,409.35         18.05 % 

Class R1

    GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002      904,986.24         16.89 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 PO BOX 17748 DENVER CO 80217-0748      418,671.67         7.81 % 

Class R1

    WILMINGTON TRUST RISC AS CUST FBO PAS LOCAL 434 AND MCS 401K PO BOX 52129
PHOENIX AZ 85072-2129		      347,108.18         6.48 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      936,484.74         17.47 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      332,838.73         34.23 % 

Class R2

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      218,683.77         22.49 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      275,082.60         28.29 % 

Class R3

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      201,859.50         7.08 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      265,040.93         9.29 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      581,969.89         20.40 % 

Table of Contents

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      207,194.11         7.26 % 

Class R3

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      466,340.56         16.35 % 

Class R3

    GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002      223,945.15         7.85 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      331,932.07         11.63 % 

Class S

    WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 9888888836 NC-1076 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      93,891.32         5.76 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,440,410.55         88.37 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2045 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      48,000.28         7.28 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      76,942.49         11.67 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      325,647.41         49.40 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      97,097.46         14.73 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      217,608.86         68.72 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      22,307.36         7.04 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      16,448.99         5.19 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      32,696.00         7.21 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      104,197.77         22.99 % 

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      89,544.19         19.75 % 

Class R3

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      23,077.78         5.09 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      112,757.06         24.88 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      37,033.53         8.17 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2050 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      150,014.54         12.44 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      122,075.20         10.12 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      296,345.30         24.57 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 P.O. BOX 17748 DENVER CO 80217-0748      122,831.74         10.19 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      394,000.74         32.67 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      113,228.64         29.61 % 

Class R2

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      26,045.66         6.81 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      23,727.34         6.21 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      180,352.89         47.17 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      41,001.47         6.47 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      117,096.59         18.47 % 

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      125,994.63         19.88 % 

Class R3

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      65,093.74         10.27 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      151,569.10         23.91 % 

Class R3

    PATTERSON & CO FBO CORNELL SCOTT-HILL HC 401(K) 25067400 NC 1151 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      35,442.11         5.59 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

2055 Strategy Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      8,600.06         14.92 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      3,231.14         5.61 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      27,804.27         48.24 % 

Class R1

    RELIANCE TRUST COMPANY FBO TRACE-A-MATIC P.O. BOX 48529 ATLANTA GA 30362-1529      6,803.46         11.80 % 

Class R1

    GREAT-WEST TRUST COMPANY LLC TRUST/ RETIREMENT PLANS 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      3,492.84         6.06 % 

Class R1

    HARTFORD SECURITIES DISTRIBUTION CO INC AS AGENT FOR RELIANCE TRUST CO FBO AGENTS PLAN CUSTOMERS ATTN UIT OPERATIONS PO BOX 2999 HARTFORD CT 06104-2999      5,171.18         8.97 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      18,400.20         16.36 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001      81,770.49         72.72 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      7,057.65         18.62 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      6,481.23         17.10 % 

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON MA 02116-5097      7,962.69         21.01 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001      11,677.33         30.81 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES IA 50392-0001      2,791.60         7.36 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Balanced Strategy Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      60,938,891.46         66.18 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      10,789,850.16         11.72 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      7,070,116.69         7.68 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      25,876,397.25         23.55 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      22,177,209.05         20.18 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      37,653,756.12         34.26 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      352,729.85         5.21 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,697,860.52         25.09 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      915,434.28         13.53 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,174,104.43         32.12 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,396,609.06         25.21 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      1,375,438.47         5.42 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      3,823,980.05         15.07 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      9,506,819.84         37.47 % 

Class R2

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,595,122.60         7.08 % 

Class R2

    JOHN HANCOCK LIFE INSURANCE COMPANY USA RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      10,990,100.53         48.79 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      1,708,944.65         7.59 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      1,330,342.05         5.91 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R2

    NATIONWIDE TRUST COMPANY, FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029      1,972,827.05         8.76 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,097,523.65         9.31 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      1,314,954.40         7.84 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      5,968,642.52         35.59 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUSATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      4,335,560.61         25.86 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      4,812,843.00         9.26 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      17,500,402.06         33.67 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      15,236,651.94         29.32 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      6,386,139.79         12.29 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Conservative Strategy Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      6,851,683.65         55.78 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,897,300.68         15.45 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      832,061.24         6.77 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      971,934.84         7.91 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      5,043,172.22         24.56 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      4,681,765.31         22.80 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      5,880,452.06         28.63 % 

Class C

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,209,143.26         5.89 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      443,097.48         21.75 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      310,225.81         15.23 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      298,301.22         14.64 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO
CA 94105-1905		      730,718.71         35.87 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,779,608.87         46.30 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      286,447.03         7.45 % 

Class R1

    WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 9888888836 NC 1151 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      407,702.70         10.61 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO
CA 94105-1905		      1,027,054.95         26.72 % 

Class R2

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      209,767.13         6.77 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R2

    JOHN HANCOCK LIFE INSURANCE COMPANY USA RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      1,603,770.73         51.75 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      231,225.24         7.46 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      212,623.00         6.86 % 

Class R2

    MG TRUST COMPANY CUST FBO JR & CO INC EMPLOYEES SVGS TR EASTER SEALS UCP NORTH CAROLINA & 700 17TH STREET SUITE 300 DENVER CO 80202-3531      199,460.60         6.44 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO
CA 94105-1905		      213,210.09         6.88 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      287,557.12         8.00 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      995,452.47         27.70 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      1,239,314.85         34.49 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      201,734.52         5.61 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      801,463.54         10.93 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FORTHE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,963,130.57         40.40 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,190,389.67         16.23 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO
CA 94105-1905		      1,398,982.45         19.07 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Equity Growth Strategy Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      9,472,254.86         44.44 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      6,251,353.57         29.33 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,592,881.76         7.47 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      5,156,611.36         15.79 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      9,861,483.67         30.20 % 

Class C

    RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110      2,093,928.39         6.41 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      8,633,326.00         26.44 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      517,125.23         19.96 % 

Class E

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      154,091.74         5.95 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      318,267.43         12.28 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,153,065.69         44.51 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,868,298.33         38.74 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      472,767.82         6.39 % 

Class R1

    WELLS FARGO BANK FBO VARIOUS RETIREMENT PLANS 9888888836 NC 1151 1525 WEST WT HARRIS BLVD CHARLOTTE NC 28288-1076      1,280,127.46         17.29 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,324,901.90         17.89 % 

Class R2

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,704,332.33         21.02 % 

Class R2

    JOHN HANCOCK LIFE INSURANCE COMPANY USA RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      3,741,360.46         46.15 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      602,988.78         7.44 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      598,007.08         7.38 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      524,506.04         6.47 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      521,446.78         8.42 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      324,072.72         5.23 % 

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      1,649,795.29         26.65 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      1,833,810.95         29.62 % 

Class R3

    PRINCIPAL TRUST COMPANY FBO CIG SUPPLEMENTAL PLAN ATTN: SUSAN SAGGIONE 1013 CENTRE RD WILMINGTON DE 19805-1265      614,774.41         9.93 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      1,685,872.89         10.19 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      5,116,478.16         30.94 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      4,260,288.86         25.76 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,978,752.67         11.97 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Growth Strategy Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      47,851,257.35         71.84 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      6,926,268.26         10.40 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      3,390,857.05         5.09 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      16,288,025.06         24.04 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      16,112,557.70         23.78 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      20,314,733.11         29.98 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      330,327.02         5.69 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,746,421.16         30.11 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      675,342.24         11.64 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,939,774.05         33.44 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      4,245,879.30         30.09 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      1,280,647.59         9.08 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      4,903,959.74         34.75 % 

Class R2

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,713,533.80         10.25 % 

Class R2

    JOHN HANCOCK LIFE INSURANCE COMPANY USA RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      9,696,003.99         57.98 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      968,417.79         5.79 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,037,098.78         12.18 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      720,788.36         6.64 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class R3

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      3,263,724.92         30.09 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      3,461,928.69         31.92 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUALFIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      908,065.52         8.37 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      3,732,220.43         13.96 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      9,856,212.96         36.87 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      6,130,133.65         22.93 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      3,202,115.92         11.98 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

In Retirement Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      45,801.96         98.28 % 

Class R1

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      575,711.12         20.96 % 

Class R1

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      350,526.52         12.76 % 

Class R1

    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      442,675.07         16.11 % 

Class R1

    TD AMERITRADE TRUST COMPANY CO# 00L86 P.O. BOX 17748 DENVER CO 80217-0748      137,909.31         5.02 % 

Class R1

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      792,068.59         28.83 % 

Class R2

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      288,158.05         48.29 % 

Class R2

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      69,691.95         11.68 % 

Class R2

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      82,474.75         13.82 % 

Class R2

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      116,517.35         19.53 % 

Class R3

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      152,609.57         9.62 % 

Class R3

    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      96,725.48         6.09 % 

Class R3

    TAYNIK & CO C/O STATE STREET BANK & TRUST CO 200 CLARENDON ST FCG 124 BOSTON
MA 02116-5097		      231,973.63         14.62 % 

Class R3

    MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY 1295 STATE ST # C105 SPRINGFIELD
MA 01111-0002		      154,751.36         9.75 % 

Class R3

    GREAT-WEST TRUST COMPANY LLC TTEE F EMPLOYEE BENEFITS CLIENTS 401K 8515 E ORCHARD RD 2T2 GREENWOOD VILLAGE CO 80111-5002      233,696.48         14.73 % 

Class R3

    GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY 8515 E ORCHARD RD # 2T2 GREENWOOD VLG CO 80111-5002      128,585.58         8.10 % 

Class R3

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      297,256.95         18.73 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Moderate Strategy Fund

 

Class of
Shares		   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  
Class A    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      13,687,932.67         68.01 % 
Class A    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,875,070.18         9.32 % 
Class A    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,027,379.06         5.10 % 
Class C    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      7,536,003.36         27.69 % 
Class C    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      4,557,149.18         16.75 % 
Class C    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      8,894,456.76         32.68 % 
Class E    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      310,902.03         7.79 % 
Class E    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      686,299.23         17.19 % 
Class E    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      362,664.73         9.09 % 
Class E    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,276,759.06         57.04 % 
Class R1    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,315,949.53         41.38 % 
Class R1    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      411,930.57         7.36 % 
Class R1    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,702,639.07         30.42 % 
Class R2    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVDJERSEY CITY NJ 07310-2010      668,538.76         12.21 % 
Class R2    JOHN HANCOCK LIFE INSURANCE COMPANY USA RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      2,441,474.20         44.57 % 
Class R2    JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK RPS-TRADING OPS ET-4 601 CONGRESS ST BOSTON MA 02210-2804      304,295.20         5.56 % 
Class R2    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      500,282.73         9.13 % 
Class R2    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      536,453.03         9.79 % 

Table of Contents
Class of
Shares		   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  
Class R2    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      430,935.72         7.87 % 
Class R3    AUL AMERICAN UNIT INVESTMENT TRUST ATTN SEPARATE ACCOUNTS PO BOX 368 INDIANAPOLIS IN 46206-0368      428,105.29         9.06 % 
Class R3    AUL GROUP RETIREMENT ANNUITY SEPARATE ACCOUNT II ATTN SEPARATE ACCOUNTS
PO BOX 368 INDIANAPOLIS IN 46206-0368		      1,046,710.94         22.15 % 
Class R3    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      1,656,345.71         35.06 % 
Class R3    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      416,633.17         8.82 % 
Class S    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      1,410,143.13         10.44 % 
Class S    NATIONAL FINANCIAL SERVICES LLC FORTHE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      4,519,135.73         33.45 % 
Class S    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      3,514,098.54         26.01 % 
Class S    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,598,719.75         11.83 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Commodity Strategies Fund

 

Class of
Shares		   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  
Class A    PERSHING LLC1 PERSHING PLZ JERSEY CITY NJ 07399-2052      747,737.99         31.85 % 
Class A    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      958,213.22         40.82 % 
Class A    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      240,286.72         10.24 % 
Class C    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      367,655.69         27.96 % 
Class C    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      82,341.76         6.26 % 
Class C    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      346,057.45         26.32 % 
Class C    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      383,205.56         29.14 % 
Class E    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK
PO BOX 3822 COEUR D ALENE ID 83816-2530		      162,200.11         6.51 % 
Class S    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      24,456,050.50         24.92 % 
Class S    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      9,196,662.41         9.37 % 
Class S    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      39,900,968.43         40.66 % 
Class S    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      5,197,607.29         5.30 % 
Class S    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      7,126,450.69         7.26 % 
Class Y    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      5,718,076.92         13.59 % 
Class Y    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      13,030,365.55         30.97 % 
Class Y    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      13,430,297.38         31.92 % 
Class Y    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      2,466,337.20         5.86 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Emerging Markets Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      734,155.02         62.86 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      97,001.86         8.31 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      122,573.17         10.50 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      438,793.37         25.81 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      367,489.72         21.61 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      429,512.95         25.26 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      113,639.26         5.39 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      122,754.85         5.83 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      248,886.55         11.81 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      29,440,892.91         33.86 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      15,097,203.43         17.36 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      21,362,668.77         24.57 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      8,035,473.26         9.24 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      4,429,579.57         16.73 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      7,569,015.38         28.59 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      9,620,817.77         36.34 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,824,035.03         6.89 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Global Real Estate Securities Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      572,862.92         74.94 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      71,195.11         9.31 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      485,256.20         41.21 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      237,195.31         20.14 % 

Class C

    RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110      75,220.60         6.39 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      178,716.95         15.18 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      103,921.85         10.08 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      79,568.95         7.72 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      121,379.72         11.77 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      83,228.32         8.07 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      12,174,252.93         33.36 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,056,820.27         16.60 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      9,568,955.55         26.22 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,759,201.23         7.56 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,043,626.36         16.30 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,762,631.16         27.54 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      2,055,135.75         32.11 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      579,083.67         9.05 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Global Equity Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC1 PERSHING PLZ JERSEY CITY NJ 07399-2052      758,672.34         72.13 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      73,583.18         7.00 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      186,734.14         14.17 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      167,897.06         12.74 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      690,980.94         52.44 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK
PO BOX 3822 COEUR D ALENE ID 83816-2530		      291,665.90         5.65 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      734,602.04         14.22 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      17,910,131.84         9.36 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      33,210,267.31         17.35 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      85,906,597.21         44.89 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      10,301,335.44         5.38 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      15,614,565.21         8.16 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      11,985,192.60         12.68 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      28,241,153.16         29.89 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      32,846,525.19         34.76 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      6,196,321.34         6.56 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Global Infrastructure Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      248,795.17         38.83 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      97,296.37         15.19 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      40,780.33         6.37 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      121,204.05         18.92 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      47,663.04         9.09 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      75,728.18         14.44 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      273,579.33         52.17 % 

Class C

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      26,364.00         5.03 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK
PO BOX 3822 COEUR D ALENE ID 83816-2530		      121,117.50         6.42 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      401,556.52         21.27 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      5,505,791.02         8.39 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      12,137,803.60         18.50 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      27,109,525.37         41.33 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      7,996,791.03         12.19 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      4,671,933.42         12.78 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      10,922,607.26         29.88 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      13,344,972.47         36.51 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      2,999,501.97         8.21 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Global Opportunistic Credit Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC1 PERSHING PLZ JERSEY CITY NJ 07399-2052      173,138.21         21.50 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      56,691.40         7.04 % 

Class A

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      319,982.42         39.73 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      71,749.91         8.91 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      77,488.37         6.36 % 

Class C

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      350,282.95         28.77 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      272,171.71         22.35 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      337,279.88         27.70 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK
PO BOX 3822 COEUR D ALENE ID 83816-2530		      219,446.02         13.70 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      7,159,785.65         11.78 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,595,631.08         10.85 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      28,148,074.67         46.31 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      3,314,362.74         5.45 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      6,394,502.42         10.52 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      5,117,226.44         16.32 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      9,527,154.53         30.39 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      11,580,394.12         36.93 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,865,356.88         5.95 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell International Developed Markets Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      643,963.63         80.20 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      45,785.08         5.70 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      375,256.61         31.67 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      235,881.69         19.91 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      348,294.94         29.40 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      312,587.62         10.03 % 

Class I

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      7,554,574.51         36.22 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      4,890,850.97         23.45 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,806,224.43         8.66 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,333,190.33         11.19 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      12,686,445.52         16.35 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,757,139.82         8.71 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      37,684,773.97         48.58 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      4,652,443.79         6.00 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      5,963,705.10         7.69 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      6,303,072.62         15.40 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      12,101,602.18         29.56 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      15,042,987.55         36.75 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      2,051,505.86         5.01 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Investment Grade Bond Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      294,101.22         72.88 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      25,322.69         6.28 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      27,798.60         6.89 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      464,532.98         41.84 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      202,297.15         18.22 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      204,661.52         18.43 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      129,419.32         7.05 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      171,128.93         9.33 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK PO BOX 3822 COEUR D ALENE ID 83816-2530      114,356.43         6.23 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      124,331.34         6.78 % 

Class I

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      4,831,161.21         31.31 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      3,715,736.56         24.08 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,202,213.64         7.79 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,685,319.52         17.40 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      5,098,923.91         13.76 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      3,017,750.40         8.14 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      21,478,094.10         57.96 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,225,595.91         6.01 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      8,540,534.37         31.68 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		    Percentage of
Class Owned		  

Class Y

    CONSERVATIVE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814    4,740,291.54      17.58 % 

Class Y

    RUSSELL TRUST COMPANY FOR CONTINENTAL AIRLINES FBO CONTINENTAL AIRLINES PILOT LTD PLA 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814    1,842,380.43      6.83 % 

Class Y

    TD AMERITRADE TRUST COMPANY CO#00PAS P.O. BOX 17748 DENVER CO 80217-0748    3,895,350.85      14.45 % 

Class Y

    NORTHERN TRUST AS CUSTODIAN FBO HELIOS EDUCATION FOUNDATION A/C # 26-50543
PO BOX 92956 CHICAGO IL 60675-2994		    1,756,595.97      6.51 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Multi-Strategy Alternative Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      68,865.23         25.42 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      71,503.62         26.40 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      26,618.44         9.83 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      20,964.79         7.74 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      411,133.55         48.37 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      320,730.22         37.73 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      164,280.69         9.76 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      3,872,116.13         6.75 % 

Class S

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      3,339,904.90         5.82 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      8,500,949.00         14.82 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      29,260,366.68         51.01 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      4,532,752.33         7.90 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      4,986,853.71         15.82 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      9,298,246.48         29.49 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      11,280,728.28         35.78 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      2,712,930.74         8.60 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Short Duration Bond Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC1 PERSHING PLZ JERSEY CITY NJ 07399-2052      1,007,681.32         54.66 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      295,740.48         16.04 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      102,848.91         5.58 % 

Class A

    MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484      159,067.86         8.63 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      1,043,081.48         17.61 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,229,468.63         20.76 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,284,788.99         21.69 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK PO BOX 3822 COEUR D ALENE ID 83816-2530      251,841.60         12.16 % 

Class E

    MG TRUST COMPANY CUST. FBO SANTA ROSA RANCHERIA TACHI TR 717 17TH STREET SUITE 1300 DENVER CO 80202-3304      1,140,207.63         55.03 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      5,478,961.80         12.44 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      15,848,963.85         35.98 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      13,864,682.23         31.47 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      3,410,127.56         7.74 % 

Class Y

    CONSERVATIVE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      5,896,138.11         43.76 % 

Class Y

    RUSSELL TRUST COMPANY FOR UNITED AIRLINES FBO UNITED AIRLINES PILOT LTD PLAN 1301 2ND AVE FL 18 SEATTLE WA 98101-3814      857,566.19         6.37 % 

Class Y

    RUSSELL TRUST COMPANY FOR CONTINENTAL AIRLINES FBO CONTINENTAL AIRLINES PILOT LTD PLA 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,547,494.08         11.49 % 

Class Y

    RUSSELL TRUST COMPANY FOR ENERGEN FBO ENERGEN CORP RET HRLY EMP BEN PLANS TRUST 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      883,013.05         6.55 % 

Class Y

    RUSSELL TRUST COMPANY FOR ENERGEN FBO ENERGEN CORP RET SALARIED EMP BEN PLANS TRUST 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      890,614.04         6.61 % 

Class Y

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,312,439.16         17.16 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Strategic Bond Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      4,955,271.56         83.51 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      1,931,068.71         27.45 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,098,691.81         15.62 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      2,428,526.34         34.52 % 

Class E

    PANHANDLE STATE BNK & ITS DVNS INTERMOUNTAIN COMM BNK & MAGIC VALLEY BNK PO BOX 3822 COEUR D ALENE ID 83816-2530      976,755.17         5.87 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      1,158,063.38         6.96 % 

Class I

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      51,756,502.89         45.39 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      20,697,404.23         18.15 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      10,495,247.11         9.20 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      50,713,299.86         13.25 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      28,412,666.15         7.42 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      217,133,589.47         56.73 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      20,253,979.97         5.29 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      26,297,758.08         6.87 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      33,160,565.79         14.41 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      124,489,532.83         54.09 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      30,960,906.14         13.45 % 

Class Y

    CONSERVATIVE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      20,148,317.44         8.75 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Strategic Call Overwriting Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      7,266,072.90         95.46 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Tax Exempt Bond Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      428,278.38         71.86 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      66,247.97         11.12 % 

Class A

    U S BANCORP INVESTMENTS INC FBO 253215631 60 LIVINGSTON AVENUE ST PAUL MN 55107-2292      35,139.06         5.90 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      424,576.66         35.03 % 

Class C

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      90,244.12         7.45 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      324,743.05         26.79 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      222,868.67         18.39 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      12,231,744.12         33.74 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,558,684.04         18.09 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      5,373,621.70         14.82 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      2,416,882.66         6.67 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      5,571,800.64         15.37 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Tax-Managed U.S. Large Cap Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      230,649.83         55.99 % 

Class A

    STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS
MO 63102-2188		      45,494.24         11.04 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      40,093.89         9.73 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      65,274.73         15.85 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      223,822.32         38.23 % 

Class C

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      57,191.15         9.77 % 

Class C

    RBC CAPITAL MARKETS LLC MUTUAL FUND OMNIBUS PROCESSING OMNIBUS ATTN MUTUAL FUND OPS MANAGER 510 MARQUETTE AVE S MINNEAPOLIS MN 55402-1110      32,450.14         5.54 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      216,804.71         37.04 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      8,134,420.63         28.67 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      6,212,689.16         21.89 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      3,195,529.92         11.26 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      2,014,013.60         7.10 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      4,198,946.56         14.80 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell Tax-Managed US Mid & Small Cap Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      104,747.96         65.50 % 

Class A

    STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188      17,492.07         10.94 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      11,564.79         7.23 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      14,001.34         8.76 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      212,035.87         33.42 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      181,563.44         28.62 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      164,378.78         25.91 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      19,734.81         7.30 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      4,177,511.52         36.97 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,667,727.78         23.61 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      909,402.67         8.05 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,064,501.31         9.42 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,166,122.44         10.32 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Core Equity Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      655,996.09         75.61 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      59,919.92         6.91 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      51,812.04         5.97 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      438,444.13         30.41 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      431,296.47         29.91 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      188,842.26         13.10 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      79,847.27         16.39 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      93,008.27         19.09 % 

Class E

    MG TRUST COMPANY TRUSTEE MIDWEST LABORATORIES, INC. 717 17TH ST STE 1300 DENVER CO 80202-3304      25,621.91         5.26 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      37,107.77         7.62 % 

Class E

    NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS
OH 43218-2029		      34,601.44         7.10 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      115,592.06         23.73 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      50,644.99         10.40 % 

Class I

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      7,617,444.83         51.23 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,974,042.36         20.00 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,676,228.94         11.27 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      990,714.59         6.66 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      4,796,617.77         41.55 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,287,095.65         11.15 % 

Table of Contents

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,768,407.61         15.32 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      1,108,032.98         9.60 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      3,465,590.67         13.94 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      6,938,695.87         27.90 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      8,334,604.76         33.52 % 

Class Y

    NORTHERN TRUST AS CUSTODIAN FBO HELIOS EDUCATION FOUNDATION A/C# 26-98241
PO BOX 92956CHICAGO IL 60675-2994		      1,264,919.78         5.09 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Defensive Equity Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      374,837.07         57.23 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      37,142.31         5.67 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      80,634.15         12.31 % 

Class A

    MERRILL LYNCH PIERCE FENNER & SMITH INC FOR THE SOLE BENEFIT OF ITS CUSTOMERS 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484      78,889.20         12.05 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      307,196.00         25.88 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      415,611.47         35.01 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      220,648.41         18.59 % 

Class E

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      51,752.04         12.90 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      99,072.91         24.70 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED FIA OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      30,797.40         7.68 % 

Class E

    NATIONWIDE TRUST COMPANY FSBC/O IPO PORTFOLIO ACCOUNTING PO BOX 182029
COLUMBUS OH 43218-2029		      24,388.81         6.08 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      110,320.55         27.51 % 

Class E

    DCGT AS TTEE AND/OR CUST FBO PRINCIPAL FINANCIAL GROUP QUAL FIED PRIN ADVTG OMNIBUS ATTN NPIO TRADE DESK 711 HIGH ST DES MOINES IA 50392-0001      54,374.83         13.56 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      3,290,766.27         48.96 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,328,273.40         19.76 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      596,962.27         8.88 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,719,229.40         25.50 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      1,785,992.81         26.49 % 

Table of Contents

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class S

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      338,544.89         5.02 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      407,060.37         6.04 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      860,457.71         12.76 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,372,562.22         9.82 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      3,237,136.71         23.15 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      4,678,279.88         33.46 % 

Class Y

    MODERATE STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      897,110.69         6.42 % 

Class Y

    NORTHERN TRUST AS CUSTODIAN FBO HELIOS EDUCATION FOUNDATION A/C# 26-98241
PO BOX 92956 CHICAGO IL 60675-2994		      1,186,675.03         8.49 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Dynamic Equity Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      42,039.49         40.57 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      10,917.35         10.54 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      32,659.92         31.52 % 

Class A

    NFS LLC FEBO DAVID LEE DONNA JEAN LEE TTEE THE EE REVOCABLE FAMILY TRST U/A 1/17/ 4 8442 E CANYON ESTATES CIR GOLD CANYON AZ 85118-5847      7,216.73         6.96 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      204,643.92         20.75 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      126,839.61         12.86 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      502,241.91         50.91 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      212,746.38         82.97 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      13,831.76         5.39 % 

Class E

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      20,812.79         8.12 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      1,010,300.00         43.20 % 

Class I

    MITRA & CO FBO 89 C/O M & I TRUST COMPANY ATTN MUTUAL FUNDS 11270 W PARK PL
STE 400 MILWAUKEE WI 53224-3638		      153,425.66         6.56 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      193,368.48         8.27 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      671,186.05         28.70 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,225,196.66         35.97 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      655,044.52         10.59 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      547,371.33         8.85 % 

Class S

    MERRILL LYNCH PIERCE FENNER & SMITH 4800 DEER LAKE DRIVE E JACKSONVILLE
FL 32246-6484		      1,616,076.25         26.12 % 

Table of Contents

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      8,487,901.82         16.90 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301
SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814		      13,724,137.66         27.33 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      18,422,163.46         36.69 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Large Cap Equity Fund

 

Class of
Shares

   

Name and Address of
Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LL 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      363,976.68         94.99 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      55,156.24         65.60 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      11,409.17         13.57 % 

Class C

    D.A. DAVIDSON & CO. VAL BRUSTAD 8 THIRD STREET NORTH GREAT FALLS MT 59401-3155      4,234.52         5.04 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      27,970,743.62         99.57 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Mid Cap Equity Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      218,548.09         88.68 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      14,494.04         5.88 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      29,892.11         35.10 % 

Class C

    STIFEL NICOLAUS & CO INC EXCLUSIVE BENEFIT OF CUSTOMERS 501 N BROADWAY SAINT LOUIS MO 63102-2188      5,490.26         6.45 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      32,597.55         38.28 % 

Class C

    D.A. DAVIDSON & CO. VAL BRUSTAD 8 THIRD STREET NORTH GREAT FALLS MT 59401-3155      4,528.94         5.32 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      11,440,803.28         83.72 % 

Class S

    THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703      2,083,062.75         15.24 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Small Cap Equity Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      479,661.20         58.66 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      78,044.04         9.54 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      50,834.09         6.22 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      117,461.24         14.36 % 

Class C

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      332,622.15         29.52 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      286,239.06         25.40 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      224,384.52         19.91 % 

Class E

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      112,591.56         10.41 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL
5 WEEHAWKEN NJ 07086-6761		      131,700.31         12.17 % 

Class I

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      862,778.55         14.64 % 

Class I

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      2,420,041.77         41.07 % 

Class I

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      691,318.64         11.73 % 

Class I

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      568,827.42         9.65 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      6,780,270.79         19.27 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      3,646,837.30         10.37 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      15,488,089.04         44.02 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      1,888,531.56         5.37 % 

Class S

    CHARLES SCHWAB & CO., INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      2,481,959.39         7.05 % 

Class Y

    EQUITY GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      1,794,215.95         16.83 % 

Class Y

    GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      3,419,468.80         32.07 % 

Class Y

    BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 SECOND AVENUE 18TH FLOOR SEATTLE WA 98101-3814      3,840,287.96         36.02 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Russell U.S. Strategic Equity Fund

 

Class of
Shares

   

Name and Address of

Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

Class A

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      111,983.72         39.01 % 

Class A

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      48,458.98         16.88 % 

Class A

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      51,317.42         17.87 % 

Class A

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS
211 MAIN STREET SAN FRANCISCO CA 94105-1905		      24,797.55         8.64 % 

Class C

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      47,521.98         5.38 % 

Class C

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      720,677.80         81.60 % 

Class E

    UBS WM USA 0O0 11011 6100 OMNI ACCOUNT M/F ATTN DEPARTMENT MANAGER 1000 HARBOR BLVD FL 5 WEEHAWKEN NJ 07086-6761      416,612.71         5.43 % 

Class S

    PERSHING LLC 1 PERSHING PLZ JERSEY CITY NJ 07399-2052      17,752,315.80         7.05 % 

Class S

    CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS 211 MAIN STREET SAN FRANCISCO CA 94105-1905      13,741,251.64         5.46 % 

Class S

    NATIONAL FINANCIAL SERVICES LLC FOR THE EXCLUSIVE BENE OF OUR CUSTOMER ATTN MUTUAL FUNDS DEPT 4TH FL 499 WASHINGTON BLVD JERSEY CITY NJ 07310-2010      23,949,261.91         9.51 % 

Class S

    FIRST CLEARING LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523      144,992,446.12         57.57 % 

Class S

    RAYMOND JAMES OMNIBUS FOR MUTAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716-1102      15,476,711.85         6.15 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

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RUSSELL INVESTMENT FUNDS

As of December 31, 2013, the following shareholders were beneficial owners of the percentages of outstanding shares of the classes of the Funds indicated below.

Aggressive Equity Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      5,049,009.15         35.84 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      6,481,090.46         46 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Balanced Strategy Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      27,037,849.53         92.81 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Core Bond Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

RIF BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 2ND AVE FL 18 SEATTLE WA 98101-3814

      9,958,832.73         13.65 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT A ATTN MUTUAL FUND ACCOUNTING N13 NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      4,356,370.50         5.97 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      43,015,043.89         58.94 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      8,207,241.33         11.25 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Equity Growth Strategy Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      4,238,911.48         80.99 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      856,740.63         16.37 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Global Real Estate Securities Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      30,455,524.60         67.88 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      10,716,127.80         23.89 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Growth Strategy Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      16,607,485.48         89.46 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      1,635,023.99         8.81 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

Moderate Strategy Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      9,378,145.38         94.74 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Multi-Style Equity Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

RIF BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 2ND AVE FL 18 SEATTLE WA 98101-3814

      1,389,561.85         5.51 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      9,387,681.66         37.24 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      10,694,727.02         42.43 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Non-U.S. Fund

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

RIF BALANCED STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 2ND AVE FL 18 SEATTLE WA 98101-3814

      3,541,635.98         10.18 % 

RIF GROWTH STRATEGY FUND RUSSELL IM&R FUND OF FUNDS PORTFOLIO MANAGER 1301 2ND AVE FL 18 SEATTLE WA 98101-3814

      2,801,145.02         8.05 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY ACCOUNT B ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      13,661,248.35         39.26 % 

NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY VARIABLE LIFE ACCOUNT ATTN MUTUAL FUND ACCOUNTING N13NW 720 E WISCONSIN AVE MILWAUKEE WI 53202-4703

      10,891,249.21         31.3 % 

 

* Each entity set forth in this column is the shareholder of record and may be deemed to be the beneficial owner of certain of the shares listed for certain purposes under the securities laws, although certain of the entities generally do not have an economic interest in these shares and would ordinarily disclaim any beneficial ownership therein.

Table of Contents

RUSSELL EXCHANGE TRADED FUNDS TRUST

As of January 21, 2014, the following shareholders were beneficial owners of the percentages of outstanding shares of the classes of the Fund indicated below.

Russell Equity ETF

 

Name and Address of Beneficial Owner*

    Number of
Shares		      Percentage of
Class Owned		  

NATIONAL FINANCIAL SERVICES CORP., LLC 100 PLAZA 5 JERSEY CITY, NJ 07311

      46,277         15.43 % 

TD AMERITRADE 717 17th STREET #1700 DENVER, CO 80202

      20,614         6.87 % 

UBS FINANCIAL SERVICES, INC. 100 HARBOR BOULEVARD 8TH FLR WEEHAWKEN, NJ 07086

      17,455         5.82 % 

Table of Contents

PROXY TABULATOR

P.O. BOX 9112

FARMINGDALE, NY 11735

   

To vote by Internet

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Go to website www.proxyvote.com

3) Follow the instructions provided on the website.

 

  

To vote by Telephone

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Call 1-800-690-6903

3) Follow the instructions.

 

  

To vote by Mail

 

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

M66012-S14917                KEEP THIS PORTION FOR YOUR RECORDS
— — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — 
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.        DETACH AND RETURN THIS PORTION ONLY

 

   

 

 

      RUSSELL INVESTMENT COMPANY

 

                               
                                         
                           
            For    Withhold    For All      

(To withhold authority to vote for a specific nominee, mark “For All Except” and write the nominee’s number on the line below.)

       
     

The Board of Trustees of the Trust unanimously recommends that you vote “FOR” the election of each of the nominees.

    All    All    Except             
     

 

1.     Election of Trustees:

 

    ¨    ¨    ¨  

 

     
     

        01)   Sandra Cavanaugh

                         
              02)   Cheryl Burgermeister                         
              03)   Katherine W. Krysty                         
                                       
                                       
     

This proxy will, when properly executed, be voted as directed herein by the signing shareholder(s). If no contrary direction is given when the duly executed proxy is returned, this proxy will be voted FOR each nominee and will be voted in the appointed proxies’ discretion upon such other business as may properly come before the Meeting.

         
                                   
                                  
                                       
                                       
                                       
                                       
                                       
                                       
                                       
                                       
   

Note: Please date and sign exactly as the name appears on this proxy card. When shares are held by joint tenants, at least one holder should sign. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian etc., please so indicate. Corporate and partnership proxies should be signed by an authorized person.

         
                                    
                                                     
  Signature [PLEASE SIGN WITHIN BOX]               Date                Signature [Joint Owners]                                   Date     

Table of Contents

PROXY TABULATOR

P.O. BOX 9112

FARMINGDALE, NY 11735

   

To vote by Internet

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Go to website www.proxyvote.com

3) Follow the instructions provided on the website.

 

  

To vote by Telephone

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Call 1-800-690-6903

3) Follow the instructions.

 

  

To vote by Mail

 

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

M66014-S14917                KEEP THIS PORTION FOR YOUR RECORDS
— — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — —  — —  — —   — —  — —
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.        DETACH AND RETURN THIS PORTION ONLY

 

   

 

 

      RUSSELL INVESTMENT COMPANY

                               
            
                           
            For    Withhold    For All      

(To withhold authority to vote for a specific nominee, mark “For All Except” and write the nominee’s number on the line below.)

       
     

The Board of Trustees of the Trust unanimously recommends that you vote “FOR” the election of each of the nominees.

    All    All    Except             
     

 

1.     Election of Trustees:

 

    ¨    ¨    ¨  

 

     
     

        01)   Sandra Cavanaugh

                         
              02)   Cheryl Burgermeister                         
              03)   Katherine W. Krysty                         
                                       
                                       
     

This proxy will, when properly executed, be voted as directed herein by the signing shareholder(s). If no contrary direction is given when the duly executed proxy is returned, this proxy will be voted FOR each nominee and will be voted in the appointed proxies’ discretion upon such other business as may properly come before the Meeting.

           
                                   
                                  
   

The Board of Trustees of the Trust unanimously recommends that you vote “FOR” the reclassification of the investment objective of each fund from “fundamental” to “non-fundamental.”

           
                               For   Against   Abstain     
   
    2.  

To approve the reclassification of the investment objective of the Fund from “fundamental” to “non-fundamental” (the “Proposed Reclassifications”).

   ¨   ¨   ¨     
                                       
                                       
                                       
                                       
                                       
   

Note: Please date and sign exactly as the name appears on this proxy card. When shares are held by joint tenants, at least one holder should sign. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian etc., please so indicate. Corporate and partnership proxies should be signed by an authorized person.

           
                                    
                                                     
  Signature [PLEASE SIGN WITHIN BOX]                                   Date                         Signature [Joint Owners]                           Date     

Table of Contents

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:

The Notice of Special Meeting of Shareholders and Joint Proxy Statement is available at www.proxyvote.com.

 

 

 

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

VOTE THIS PROXY CARD TODAY!

CONTINUED ON REVERSE SIDE

 

 

 

 

— — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — –

M66015-S14917

 

   PROXY    RUSSELL INVESTMENT COMPANY      PROXY      
      SPECIAL MEETING OF SHAREHOLDERS TO BE HELD APRIL 14, 2014      
      THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES.      
  

 

The undersigned, revoking previous proxies, hereby appoint(s) Mary Beth Rhoden Albaneze, Jessica Gates, Mark Swanson and Kari Seabrands, each with full power of substitution and revocation, to vote all shares of Russell Investment Company (“RIC”) (the “Trust”) which the undersigned is entitled to vote at the Special Meeting of Shareholders of the Trust to be held at 10:00 a.m., Pacific time, on April 14, 2014 at the offices of Russell Investments, 1301 Second Avenue, 18th Floor, Seattle, WA 98101, and at any adjournment thereof. All powers may be exercised by two or more of said proxy holders or substitutes voting or acting or, if only one votes and acts, by that one. This proxy shall be voted on the proposals described in the Joint Proxy Statement as specified on the reverse side.

 

Receipt of the Notice of Special Meeting of Shareholders and the accompanying Joint Proxy Statement is hereby acknowledged.

 

                       

 

     

   
  

 

 

PLEASE DATE, SIGN AND RETURN PROMPTLY USING THE ENCLOSED, POSTAGE-PAID

ENVELOPE WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING.

YOU MAY VOTE IN PERSON IF YOU ATTEND.

 

 

  

  

  

   

 

Table of Contents

PROXY TABULATOR

P.O. BOX 9112

FARMINGDALE, NY 11735

   

To vote by Internet

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Go to website www.proxyvote.com

3) Follow the instructions provided on the website.

 

  

To vote by Telephone

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Call 1-800-690-6903

3) Follow the instructions.

 

  

To vote by Mail

 

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

M65811-S14965                KEEP THIS PORTION FOR YOUR RECORDS
— — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — 
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.        DETACH AND RETURN THIS PORTION ONLY

 

   

 

 

      RUSSELL INVESTMENT FUNDS

                               
                                         
                           
            For    Withhold    For All      

(To withhold authority to vote for any individual nominee, mark “For All Except” and write the nominee’s on the line below.)

       
     

The Board of Trustees of the Trust unanimously recommends that you vote “FOR” the election of the nominees.

    All    All    Except             
     

 

1.     Election of Directors

 

    ¨    ¨    ¨  

 

     
     

        01)   Sandra Cavanaugh

                         
              02)   Cheryl Burgermeister                         
              03)   Katherine W. Krysty                         
                                       
                                       
     

This proxy will, when properly executed, be voted as directed herein by the signing shareholder(s). If no contrary direction is given when the duly executed proxy is returned, this proxy will be voted FOR each nominee and will be voted in the appointed proxies’ discretion upon such other business as may properly come before the Meeting.

         
                                   
                                  
                                       
                                       
                                       
                                       
                                       
                                       
                                       
                                       
   

Note: Please date and sign exactly as the name appears on this proxy card. When shares are held by joint tenants, at least one holder should sign. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian etc., please so indicate. Corporate and partnership proxies should be signed by an authorized person.

         
                                    
                                                     
  Signature [PLEASE SIGN WITHIN BOX]               Date                Signature [Joint Owners]                                   Date     

Table of Contents

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:

The Notice of Special Meeting of Shareholders and Joint Proxy Statement is available at www.proxyvote.com.

 

 

 

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

VOTE THIS PROXY CARD TODAY!

CONTINUED ON REVERSE SIDE

 

 

 

 

— — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — — — — — —  — — — — — — — — — — — — — — — –

M65812-S14965

 

   PROXY    RUSSELL INVESTMENT FUNDS      PROXY      
      SPECIAL MEETING OF SHAREHOLDERS TO BE HELD APRIL 14, 2014      
      THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES.      
  

 

The undersigned, revoking previous proxies, hereby appoint(s) Mary Beth Rhoden Albaneze, Jessica Gates, Mark Swanson and Kari Seabrands, each with full power of substitution and revocation, to vote all shares of Russell Investment Funds (“RIF”) (the “Trust”), which the undersigned is entitled to vote at the Special Meeting of Shareholders of the Trust to be held at 10:00 a.m., Pacific time, on April 14, 2014, at the offices of Russell Investments, 1301 Second Avenue, 18th Floor, Seattle, WA 98101, and at any adjournment thereof. All powers may be exercised by two or more of said proxy holders or substitutes voting or acting or, if only one votes and acts, by that one. This proxy shall be voted on the proposal described in the Joint Proxy Statement as specified on the reverse side.

 

Receipt of the Notice of Special Meeting of Shareholders and the accompanying Joint Proxy Statement is hereby acknowledged.

 

                       

 

     

   
  

 

 

PLEASE DATE, SIGN AND RETURN PROMPTLY USING THE ENCLOSED, POSTAGE-PAID ENVELOPE

WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING

YOU MAY VOTE IN PERSON IF YOU ATTEND

 

 

  

  

  

   

 

Table of Contents

PROXY TABULATOR

P.O. BOX 9112

FARMINGDALE, NY 11735

   

To vote by Internet

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Go to website www.proxyvote.com

3) Follow the instructions provided on the website.

 

  

To vote by Telephone

 

1) Read the Proxy Statement and have the proxy card below at hand.

2) Call 1-800-690-6903

3) Follow the instructions.

 

  

To vote by Mail

 

1) Read the Proxy Statement.

2) Check the appropriate boxes on the proxy card below.

3) Sign and date the proxy card.

4) Return the proxy card in the envelope provided.

 

 

TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

M65789-S14908                KEEP THIS PORTION FOR YOUR RECORDS
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THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.        DETACH AND RETURN THIS PORTION ONLY

 

   

 

 

      RUSSELL EXCHANGE TRADED FUNDS TRUST

                               
                                         
                           
            For    Withhold    For All      

(To withhold authority to vote for any individual nominee, mark “For All Except” and write the nominee’s on the line below.)

       
     

The Board of Trustees of the Trust unanimously recommends that you vote “FOR” the election of the nominee.

    All    All    Except             
     

 

1.     Election of Directors

 

    ¨    ¨    ¨  

 

     
     

        01)   Katherine W. Krysty

                         
                              
                              
                                       
                                       
     

This proxy will, when properly executed, be voted as directed therein by the signing shareholder(s). If no contrary direction is given when the duly executed proxy is returned, the proxy will be voted FOR each nominee and will be voted in the appointed proxies’ discretion upon such other business as may properly come before the Meeting.

         
                                   
                                  
                                       
                                       
                                       
                                       
                                       
                                       
                                       
                                       
   

Note: Please date and sign exactly as the name appears on this proxy card. When shares are held by joint tenants, at least one holder should sign. When signing in a fiduciary capacity, such as executor, administrator, trustee, attorney, guardian etc., please so indicate. Corporate and partnership proxies should be signed by an authorized person.

         
                                    
                                                     
  Signature [PLEASE SIGN WITHIN BOX]               Date                Signature [Joint Owners]                                   Date     

Table of Contents

Important Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting:

The Notice of Special Meeting of Shareholders and Joint Proxy Statement are available at www.proxyvote.com.

 

 

 

 

EVERY SHAREHOLDER’S VOTE IS IMPORTANT!

VOTE THIS PROXY CARD TODAY!

CONTINUED ON REVERSE SIDE

 

 

 

 

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M65790-S14908

 

   PROXY    RUSSELL EXCHANGE TRADED FUNDS TRUST      PROXY      
      SPECIAL MEETING OF SHAREHOLDERS TO BE HELD APRIL 14, 2014      
      THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES.      
  

 

The undersigned, revoking previous proxies, hereby appoint(s) Mary Beth Rhoden Albaneze, Jessica Gates, Mark Swanson and Kari Seabrands, each with full power of substitution and revocation, to vote all shares of Russell Exchange Traded Funds Trust (the “Trust”), which the undersigned is entitled to vote at the Special Meeting of Shareholders of the Trust to be held at 10:00 a.m., Pacific time, on April 14, 2014 at the offices of Russell Investments, 1301 Second Avenue, 18th Floor, Seattle, WA 98101, and at any adjournment thereof. All powers may be exercised by two or more of said proxy holders or substitutes voting or acting or, if only one votes and acts, by that one. This proxy shall be voted on the proposal described in the Joint Proxy Statement as specified on the reverse side.

 

Receipt of the Notice and Special Meeting of Shareholders and the accompanying Joint Proxy Statement is hereby acknowledged.

 

                       

 

     

   
  

 

 

PLEASE DATE, SIGN AND RETURN PROMPTLY USING THE ENCLOSED, POSTAGE-PAID ENVELOPE

WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING

YOU MAY VOTE IN PERSON IF YOU ATTEND

 

 

  

  

  

   

 

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