Large-Cap Core Portfolio Series 23

Under normal circumstances, the Trust invests at least 80% of the value of its assets in U.S.-listed stocks of large-capitalization companies. The Trust includes stocks from all sectors of the U.S. economy. The U.S.-listed common stocks held by the Trust may include the common stocks of U.S. and non-U.S. companies. The Sponsor selects stocks that it believes have the potential to achieve the Trust’s investment objective. As a result of this strategy, the Trust invests significantly in the consumer products sector.

Large Capitalization Stocks

A well-balanced portfolio is the foundation for many successful investment strategies. Advisors may use a mix of investments including stocks, bonds and cash to support a strategy they have established with their clients.

There are three main categories of stocks: large-cap, mid-cap and small-cap. The Trust will use capitalization designations provided by Russell Investments.

The Trust includes U.S.-listed stocks of large capitalization companies that the Sponsor believes should be core holdings of a large-cap portfolio. This Trust includes stocks from all sectors of the U.S. economy.

The Sponsor selects U.S.-listed companies that it believes should be core holdings of a U.S.-listed large-cap portfolio. To select the portfolio the Sponsor follows a disciplined process which includes both quantitative screening and qualitative analysis.

The Sponsor begins with the companies that are designated as large-capitalization by Russell Investments. The Sponsor then reduces the companies by performing qualitative analysis, which may be primarily based on, but not limited to, the following factors:

• Balance Sheet. The Sponsor favors companies that possess overall financial strength and exhibit balance sheet improvements relative to their peers and the marketplace;

• Industry Leadership. The Sponsor favors companies that possess a strong competitive position among their domestic and global peers;

• Valuation. The Sponsor favors companies whose valuations appear to be attractive based on measures such as price-to-earnings, price-to-book and price-to-cash flow;

• Growth. The Sponsor favors companies with a history of (and prospects for) above average growth of revenues, earnings and dividends (if applicable);

• Profitability. The Sponsor favors companies with a history of (and prospects for) consistent and high profitability as measured by return-onassets, return-on-equity, gross margin and net margin.

INDEX DEFINITIONS: Russell® 3000 Index ("Index") measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable equity market. The Index is unmanaged and it is not possible to invest directly in the Index. The Trust will not try to replicate the performance of the Russell® 3000 Index and will not necessarily invest any substantial portion of its assets in securities in the Index. There is no guarantee that the perceived intrinsic value of a security will be realized.