Russell Investment Company II plc an umbrella fund with segregated liability between sub-funds

2011 ANNUAL REPORT Russell Investment Company II plc an umbrella fund with segregated liability between sub-funds 31 March 2011 (Audited) The Euro Fixed Income Fund The Global Bond (Euro Hedged) Fund The Pan European Equity Fund The U.K. Equity Plus Fund The U.S. Growth Fund The U.S. Quant Fund The U.S. Value Fund The World Equity Fund Russell Investment Company II plc Contents Administration of the Company .............................................................................................................................. 2 Background to the Company ................................................................................................................................. 5 Directors’ Report .................................................................................................................................................... 6 Custodian and Trustee’s Report ............................................................................................................................ 8 Independent Auditors’ Report ................................................................................................................................ 9 Combined Statements ........................................................................................................................................... 11 The Euro Fixed Income Fund ................................................................................................................................ 15 The Global Bond (Euro Hedged) Fund .................................................................................................................. 35 The Pan European Equity Fund ............................................................................................................................ 69 The U.K. Equity Plus Fund .................................................................................................................................... 85 The U.S. Growth Fund ........................................................................................................................................... 95 The U.S. Quant Fund ............................................................................................................................................. 105 The U.S. Value Fund ............................................................................................................................................. 123 The World Equity Fund .......................................................................................................................................... 134 Notes to the Financial Statements ......................................................................................................................... 160 Appendix I - Total Expense Ratio (Unaudited) ...................................................................................................... 218 Contents Russell Investment Company II plc Administration of the Company Board of Directors of the Company Mr. James Firn (Chairman) Mr. James Beveridge Mr. Peter Gunning Mr. Michael Hunt Mr. Paul McNaughton Mr. William Roberts Mr. Alan Schoenheimer Mr. David Shubotham Mr. Kenneth Willman Mr. Neil Jenkins - Alternate Director for Mr. Peter Gunning Audit Committee Members Mr. David Shubotham (Chairman) Mr. Paul McNaughton Mr. William Roberts Registered Office 78 Sir John Rogerson’s Quay Dublin 2 Ireland Manager Russell Investments Ireland Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Independent Auditors PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland Legal Advisers Arthur Cox Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Administrator State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Custodian and Trustee State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Global Sub-Custodian State Street Bank and Trust Company Copley Place 100 Huntington Avenue Boston, MA 02116 United States of America Promoter Frank Russell Company 1301 Second Avenue, 18th Floor Seattle, WA 98101 United States of America Company Secretary Bradwell Limited Arthur Cox Building Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Advisor and Distributor Russell Investments Limited Rex House 10 Regent Street London SW1Y 4PE England Money Managers for The Euro Fixed Income Fund Fidelity Investments International Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ England Robeco Institutional Asset Management BV Coolsingel 120 NL 3011 AG Rotterdam The Netherlands Western Asset Management 155 Bishopsgate London EC2M 3XG England Money Managers for The Global Bond (Euro Hedged) Fund Brookfield Investment Management Inc. Three World Financial Centre 200 Vesey Street New York, NY 10281-1010 United States of America Colchester Global Investors Limited Heathcoat House 20 Savile Row London W1S 3PR England Frank Russell Implementation Services Inc. 1301 Second Avenue, 18th Floor Seattle, WA 98101 United States of America 2 Administration of the Company Russell Investment Company II plc Administration of the Company - continued Loomis, Sayles & Company, L.P. One Financial Center Boston, MA 02111 United States of America Pacific Investment Management Company, LLC 840 Newport Centre Drive, Suite 360 Newport Beach, CA 92658-6430 United States of America Money Managers for The Pan European Equity Fund Hermes Sourcecap Limited 1 Portsoken Street London E1 8HZ England Invesco Asset Management Limited 30 Finsbury Square London EC2A 1AG England Numeric Investors, L.P. 1 Memorial Drive Cambridge, MA 02142 United States of America Oechsle International Advisors, LLC 1 International Place, 23rd Floor Boston, MA, 02110 United States of America Pzena Investment Management 120 West 45th Street, 20th Floor New York, NY 10036 United States of America S. W. Mitchell Capital LLP 52 Jermyn Street 91 Brick Lane London SW1Y 6LX England TT International Martin House 5 Martin Lane London EC4R 0DP England Taube Hodson Stonex Partners Ltd. Cassini House, 1st Floor 57-59, St. James’ Street London SW1A 1LD England Money Managers for The U.K. Equity Plus Fund BlackRock International Limited 40 Torphichen Street Edinburgh EH3 8JB Scotland Ignis Asset Management 50 Bothwell Street Glasgow G2 6HR Scotland Standard Life Investments 1 George Street Edinburgh EH2 2LL Scotland Money Managers for The U.S. Growth Fund Columbus Circle Investors One Metro Center One Station Place, 8th Floor South Stamford, CT 06902 United States of America Suffolk Capital Management, LLC 1633 Broadway, 40th Floor New York, NY 10019 United States of America Sustainable Growth Advisers, L.P. 310 Tresser Boulevard, Suite 1310 Stamford, CT 06901 United States of America Waddell and Reed 6300 Lamar Avenue Post Office Box 29217 Shawnee Mission, KS 66201-9217 United States of America Money Managers for The U.S. Quant Fund Aronson and Johnson and Ortiz, L.P. 230 South Broad Street, 20th Floor Philadelphia, PA 19102 United States of America Enhanced Investment Technologies, LLC 2401 PGA Boulevard, Suite 100 Palm Beach Gardens, FL 33410 United States of America Frank Russell Implementation Services Inc. 1301 Second Avenue, 18th Floor Seattle, WA 98101 United States of America Jacobs Levy Equity Management Inc. 100 Campus Drive, P.O. Box 650 Florham Park, NJ 07932-0650 United States of America Numeric Investors, L.P. 1 Memorial Drive Cambridge, MA 02142 United States of America Administration of the Company 3 ... - tailieumienphi.vn