Notice of privacy and security Russell Investments Russell Investments has a long history of respecting every individual's right to the privacy of his or her personal information. We consider our relationship with consumers to be a very valuable asset. You should know that we do not sell or rent to anyone the information you have entrusted to us. In addition, we do not share your information with marketers outside Russell Investments. This notice describes our privacy policy and security procedures, which are designed to cover all personally identifiable information. As required by law, we will advise you of our privacy policy and security procedures at least once annually and at any time there is a material change. Confidentiality and security Confidentiality and privacy of personal information are responsibilities we have always taken very seriously. We have and maintain strict policies and procedures to protect the confidentiality of your information during all stages of your relationship with us. For example, our associates are bound by a Code of Ethics that requires them to treat all personal information as confidential, and they are subject to disciplinary action if they fail to follow this Code. In addition, we maintain physical, electronic and procedural safeguards to protect your personal information from unauthorized access and anticipated threats or hazards. Access to your information by our employees and other representatives is restricted to those individuals having a business need for such information in order to service your account. Information we may collect and use In order to service your account, from time to time, we collect personal information about you from the following sources:   Information we or our agents receive from you on applications or other forms; and Information about your transactions with us, our affiliates, our agents or others. Other information may, from time to time, be provided to us as we facilitate transactions that you have requested. Information we may disclose We occasionally disclose nonpublic personal information about you to affiliates and third parties as permitted by law. Some instances when we have shared information include:   Disclosing information to a third party to process account transactions that you request or authorize; Disclosing information to an affiliate to process accounting statements that you request or authorize; Disclosing your name and address to companies that mail fund-related materials such as shareholder reports; and Disclosing information in connection with legal proceedings. In situations where we have shared information with third parties, they are contractually obligated to keep the information that we provide to them confidential, and are not permitted to use the information for any purpose other than to assist in the servicing of your account. Russell Investments The following is a list of the members of Russell Investments to which this policy applies:   U.S. open-end or private funds managed or advised by a member of Russell Investments, including Russell Investment Company or Russell Investment Funds Russell Investments Russell Institutional Services, Inc. Russell Real Estate Advisers Inc. Russell Implementation Services, Inc. Russell Investment Management Co. Russell Trust Company Russell International Services Co., Inc. Russell Investments Delaware, Inc. Russell Fund Distributors, Inc.

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Legal Information.    Privacy Statement.