• U.S. Equities Funds (including tax-managed U.S. equity funds) and Asset Class

    In a limited long/short strategy, a short sale will result in a loss if the price of the security sold short increases between the date of the short sale and the date on which the borrowed security must be returned. Although the U.S. Strategic Equity and Sustainable Equity Funds' potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security.


    Income from the Tax-Managed U.S. Large Cap Fund and the Tax-Managed U.S. Mid & Small Cap Fund are managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes

    The Multifactor U.S. Equity Fund utilizes a variety of quantitative inputs and qualitative assessments in its management. If these are not predictive or are incorrect, the Fund may underperform. The Fund also utilizes index-based strategies, which may cause its returns to be lower than if it employed a fundamental investment approach to security selection.


    The Multifactor U.S. Equity Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    U.S. Equity Funds, U.S. Tax-Managed Funds - Class A
    The Tax-Managed U.S. Mid & Small Cap Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from November 30, 1999 to December 6, 2000 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from December 7, 2000 to May 31, 2010 are the returns of the Fund's Class E Shares.

    The Tax-Managed U.S. Large Cap Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from October 7, 1996 to December 6, 2000 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from December 7, 2000 to May 31, 2010 are the returns of the Fund's Class E Shares.

    The U.S. Small Cap Equity Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from December 28, 1981 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.


    The Sustainable Equity Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from May 29, 1987 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.


    The Equity Income Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from October 15, 1981 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares.

    U.S. Equity Funds, U.S. Tax-Managed Funds - Class C
    The Tax-Managed U.S. Large Cap Fund first issued Class C Shares on December 2, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown would have been lower.

    The U.S. Small Cap Equity Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from December 29,1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Sustainable Equity Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from June 1, 1987 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Equity Income Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from October 16,1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.

    U.S. Equity Funds - Class S
    The Sustainable Equity Fund, Equity Income Fund, and U.S. Small Cap Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares

    The Multifactor U.S. Equity Fund first issued Class S Shares on January 2, 2015. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class Y Shares.


    Funds US Equity Class M

    The U.S. Strategic Equity Fund, Tax-Managed U.S. Large Cap Fund and Tax-Managed U.S. Mid & Small Cap Fund first issued Class M Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares.

    The U.S. Small Cap Equity Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Multifactor U.S. Equity Fund first issued Class M Shares on January 2, 2015. The returns shown for Class M Shares prior to that date are the returns of the Fund's Class Y Shares.


    U.S. Equity Funds - Class Y

    The Equity Income Fund first issued Class Y shares on March 30, 2000, closed its Class Y shares on May 4, 2015 and reopened its Class Y shares on March 1, 2017. The returns shown for Class Y shares for the periods May 5, 2015 through February 28, 2017 and prior to March 30, 2000 are the returns of the Fund's Class I shares.


    The U.S. Strategic Equity Fund first issued Class Y Shares on July 30, 2018, closed its Class Y Shares on September 11, 2019 and reopened its Class Y shares on September 12, 2023. The returns shown for Class Y Shares for the period January 1, 2014 through July 29, 2018 are the returns of the Fund’s Class S Shares. The returns shown for the Class Y Shares for the period September 12, 2019 through September 11, 2023 are the returns of the Fund’s Class M Shares. Class Y Shares will have substantially similar annual returns as the Class S and Class M Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class Y Shares do not have the same expenses as the Class S and Class M Shares.


    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    U.S. Equity Funds - Class R6

    The U.S. Small Cap Equity Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.

    The Multifactor U.S. Equity Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    Asset Classes U.S. Equities (including Tax-Managed)
    Large capitalization (large cap) investments generally involve stocks of companies with a market capitalization based on the Russell 1000® Index. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

    Middle capitalization (mid cap) investments generally involve stocks of companies with a market capitalization based on the Russell MidCap® Index. Mid cap investments are considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps).


    Small capitalization (small cap) investments generally involve stocks of companies with a market capitalization based on the Russell 2000® Index. Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, including the risks of investing in securities of large and medium capitalization companies. Investments in smaller capitalization companies may involve greater risks as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000® Index may be newly formed with more limited track records and less publicly available information.


    Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, may experience considerable price fluctuations and are more volatile than large company stocks. Generally, the smaller the company size, the greater the risks.


    Dynamic style emphasizes investments in equity securities of companies that are believed to be currently undergoing or are expected to undergo positive change that will lead to stock price appreciation. Dynamic stocks typically have higher than average stock price volatility, characteristics indicating lower financial quality, (which may include greater financial leverage) and/or less business stability.


    Defensive style emphasizes investments in equity securities of companies that are believed to have lower than average stock price volatility, characteristics indicating high financial quality, (which may include lower financial leverage) and/or stable business fundamentals.

  • International and Global Equity Funds (including the Tax-Managed International Equity Fund) and Asset Class

    The Multifactor International Equity Fund utilizes a variety of quantitative inputs and qualitative assessments in it's management. If these are not predictive or are incorrect, the Fund may underperform. The Fund also utilizes index replication and/or optimization strategies, which may cause returns to be lower than if it employed an active security selection strategy.


    The Tax-Managed International Equity Fund and the Multifactor International Equity Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    Income from the Tax-Managed International Equity Fund is managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class A

    The International Developed Markets Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Funds' Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Funds' Class E Shares.


    The Emerging Markets Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Fund Class E Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class C

    The International Developed Markets Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from February 1, 1983 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class S

    The International Developed Markets Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares.

    The Multifactor International Equity Fund first issued Class S Shares on January 2, 2015. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class Y Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class M

    The International Developed Markets Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to October 22, 2007, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Multifactor International Equity Fund first issued Class M Shares on January 2, 2015. The returns shown for Class M Shares prior to that date are the returns of the Fund's Y Shares.

    The Global Equity Fund, Emerging Markets Fund, and Tax-Managed International Equity Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class Y

    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    Funds International and Global Equity, and Tax-Managed International and Global Equity Class R6

    The Emerging Markets Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.

    The Multifactor International Equity Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    Asset Classes International Global Equity (including Tax-Managed)

    Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. Non-U.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.


    Small capitalization (small cap) investments generally involve stocks of companies with a market capitalization based on the Russell 2000® Index. Investments in small cap, micro cap, and companies with capitalization smaller than the Russell 2000® Index are subject to the risks of common stocks, including the risks of investing in securities of large and medium capitalization companies. Investments in smaller capitalization companies may involve greater risks as, generally, the smaller the company size, the greater these risks. In addition, micro capitalization companies and companies with capitalization smaller than the Russell 2000® Index may be newly formed with more limited track records and less publicly available information.


    Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.


    Middle capitalization (mid cap) investments generally involve stocks of companies with a market capitalization based on the Russell MidCap® Index. Mid cap investments are considered more volatile than large cap companies. Mid cap investments are often considered to offer more growth potential than larger caps (but less than small caps) and less risk than small caps (but more than large caps).


    Global and Emerging markets return may be significantly affected by political or economic conditions and regulatory requirements in a particular country. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Such securities may be less liquid and more volatile. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and political systems with less stability than in more developed countries


    Large capitalization (large cap) investments generally involve stocks of companies with a market capitalization based on the Russell 1000® Index. The value of securities will rise and fall in response to the activities of the company that issued them, general market conditions and/or economic conditions.

    Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability than those of more developed countries. Securities may be less liquid and more volatile than U.S. and longer-established non-U.S. markets.


  • Alternative and Specialty Funds (including the Tax-Managed Real Assets Fund) and Asset Class

    Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Funds Alternatives and Specialties Class A

    The Global Real Estate Securities Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A shares prior to that date are the returns of the Fund Class E Shares. The returns shown for Class E Shares from July 31, 1989 to May 17, 1998 reflect the deduction of the Rule 12b-1 distribution and shareholder services fees. Effective May 18, 1998, Class E Shares of the Fund no longer charged Rule 12b-1 distribution fees and the returns shown after that date do not reflect the deduction of Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower.


    Funds Alternatives and Specialties Class C

    The Global Real Estate Securities Fund first issued Class C Shares on January 28, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class E Shares. The returns shown for Class E shares from July 31, 1989 to May 17, 1998 reflect the deduction of the Rule 12b-1 distribution and shareholder services fees. Effective May 18, 1998, Class E Shares of the Fund no longer charged Rule 12b-1 distribution fees and the returns shown after that date do not reflect the deduction of Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower.


    Funds Alternatives and Specialties Class Y

    The purchase of Class Y Shares requires a current selling agreement with Russell Investments and there is a $10 million required minimum initial investment for each account in each Fund.


    Funds Alternatives and Specialties Class M
    The Global Infrastructure Fund and Global Real Estate Securities Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    Funds Alternatives and Specialties Class R6

    The Global Real Estate Securities Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.


    Asset Classes Alternatives

    Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks, including government regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.


    Commodities are volatile investments on their own and should form only a small portion of a diversified portfolio to aid in diversification and as a potential hedge against inflation.


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    The Strategic Bond Fund, Tax-Exempt High Yield Bond Fund, Short Duration Bond Fund, Investment Grade Bond Fund, and the Opportunistic Credit Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund's losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Fund's use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund's total investment exposure exceeding the value of its portfolio.


    For the Opportunistic Credit, Strategic Bond, Investment Grade Bond, Short Duration Bond, Tax-Exempt Bond, and Tax-Exempt High Yield Bond Funds, the use of currency trading strategies may adversely impact a Fund's ability to meet its investment objective.


    Income from the Tax-Exempt Bond Fund and the Tax-Exempt High Yield Bond Fund are managed for tax efficiency and may be subject to an alternative minimum tax, and/or any applicable state and local taxes.


    For all Russell Investment Company Funds, a portion of the income and capital gains distributions made by Russell Investment Management, LLC (RIM) funds throughout a calendar year may be subject to special tax treatment at calendar year end. Such treatments may reduce taxes shareholders may experience; The after tax returns for the current calendar year are recalculated at the year end to account for this reduction and may become slightly higher than currently reported. For previous calendar years, tax reductions due to such treatments are reflected in the after tax returns of the funds.
     


    Funds Taxable and Tax-Exempt Fixed Income Class A

    The Strategic Bond Fund first issued Class A Shares on September 2, 2008. The returns shown for Class A Shares from February 1, 1993 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 17, 1999 to September 1, 2008 are the returns of the Fund Class E Shares.


    The Investment Grade Bond fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from October 15, 1981 to May 14, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 15, 1999 to May 31, 2010 are the returns of the Fund's Class E Shares.


    The Tax-Exempt Bond Fund first issued Class A shares on June 1, 2010. The returns shown for Class A Shares from September 5, 1985 to May 14, 1999 are the returns of the Fund's Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class A Shares. Had they done so, the returns shown for that period would have been lower. The returns shown from May 15, 1999 to May 31, 2010 are the returns of the Fund's Class E Shares.


    The Short Duration Bond Fund first issued Class A Shares on March 1, 2007. The returns shown for Class A Shares from February 1, 1993 to September 21, 1998 are the returns of the Funds' Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees. Had it done so, the returns shown for that period would have been lower. The returns shown from September 22, 1998 to February 28, 2007 are the returns of the Funds' Class E Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class C

    The Investment Grade Bond Fund first issued Class C Shares on October 22, 2007. The returns shown for Class C Shares from October 16, 1981 to May 16, 1999 are the returns of the Fund Class I Shares and do not reflect the deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. The returns shown from May 17, 1999 to October 21, 2007 are the returns of the Fund Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Tax-Exempt Bond Fund first issued Class C Shares on March 30, 1999. The returns shown for Class C Shares prior to that date are the returns of the Fund Class S Shares and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown for that period would have been lower.


    The Strategic Bond Fund first issued Class C Shares on September 2, 2008. The returns shown for Class C Shares from January 29, 1993 to May 13, 1999 are the returns of the Fund's Class I Shares and do not reflect deduction of Rule 12b-1 distribution and shareholder services fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower. The returns shown for Class C Shares from May 14, 1999 to September 1, 2008 are the returns of the Fund's Class E Shares and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had they done so, the returns shown for that period would have been lower.


    The Short Duration Bond Fund first issued Class C Shares on March 4, 1999. The returns shown for Class C Shares from November 2, 1981 to February 18, 1999 are the returns of the Fund Class S Shares and the returns of the Class E Shares from February 19, 1999 to March 3, 1999 and do not reflect deduction of the Rule 12b-1 distribution fees or shareholder services fees that apply to Class C Shares. Had it done so, the returns shown for that period would have been lower.


    Funds Taxable and Tax-Exempt Fixed Income Class S

    The Strategic Bond Fund first issued Class S Shares on September 2, 2008. The returns shown for Class S Shares prior to that date are the returns of the Fund's Class I Shares.


    The Investment Grade Bond Fund first issued Class S Shares on October 22, 2007. The returns shown for Class S Shares prior to that date are the returns of the Fund Class I Shares.


    The Long Duration Bond Fund first issued Class S Shares on September 11, 2023. The returns shown for Class S Shares prior to that date are the returns of the Fund’s Class Y Shares. Class S Shares will have substantially similar annual returns as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class S Shares do not have the same expenses as the Class Y Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class M

    The Opportunistic Credit Fund, Short Duration Bond Fund, Tax-Exempt Bond Fund, and Tax-Exempt High Yield Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Strategic Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between September 2, 2008 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.

    The Investment Grade Bond Fund first issued Class T Shares on March 17, 2017. The returns shown for Class T Shares between October 22, 2007 and March 16, 2017 are the returns of Fund's Class S. Prior to September 2, 2008, the returns shown for Class T are the returns of the Fund's Class I Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    The Long Duration Bond Fund first issued Class M Shares on September 11, 2023. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class Y Shares. Class M Shares will have substantially similar annual returns as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class M Shares do not have the same expenses as the Class Y Shares.


    Funds Taxable and Tax-Exempt Fixed Income Class R6

    The Strategic Bond Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.

    The Short Duration Bond Fund first issued Class R6 Shares on March 1, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund's Class Y Shares. The returns shown prior to September 26, 2008 are the returns of the Fund's Class S Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y and Class S Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y and Class S Shares.

    The Investment Grade Bond Fund first issued Class R6 Shares on March 01, 2016. The returns shown for Class R6 Shares prior to that date are the returns of the Fund’s Class Y Shares. Class R6 Shares will have substantially similar annual returns (both before and after tax) as the Class Y Shares because the Shares of each Class are invested in the same portfolio of securities. Annual returns for each Class will differ only to the extent that the Class R6 Shares do not have the same expenses as the Class Y Shares.


    First used: April 2020. Updated: October 2022.
    RIFiS 22586-FI


  • Multi-Asset Funds and Asset Class

    The Multi-Strategy Income Fund and Multi-Asset Growth Strategy Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause Fund losses to be greater than if it invests only in conventional securities and can cause the Funds to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The Funds' use of derivatives may cause the Funds' investment returns to be impacted by the performance of securities the Funds do not own and result in the Funds' total investment exposure exceeding the value of the portfolio.


    For the Multi-Strategy Income Fund, the use of currency trading strategies may adversely impact a Fund's ability to meet its investment objective.


    For the Multi-Strategy Income Fund and Multi-Asset Growth Strategy Fund, specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.


    Multi-Asset Class A

    The Multi-Asset Growth Strategy Fund first issued Class A Shares on September 29, 2017.  The returns shown for Class A Shares prior to that date are the returns of the Fund's Class S Shares.


    Multi-Asset Class C

    The Multi-Asset Growth Strategy Fund first issued Class C Shares on September 29, 2017.  The returns shown for Class C Shares prior to that date are the returns of the Fund's Class S Shares.


    Multi-Asset Class M

    The Multi-Strategy Income Fund first issued Class T Shares on March 17, 2017. The returns shown for Class M Shares prior to that date are the returns of the Fund’s Class S Shares. Effective September 15th, 2017, Class T Shares were redesignated as Class M Shares.


    Multi-Asset Class Y

    The Multi-Asset Growth Strategy Fund first issued Class Y Shares on August 31, 2017.  The returns shown for Class Y Shares prior to that date are the returns of the Fund's Class S Shares.


    Asset Classes Multi-Asset
    Bond investors should carefully consider risks such as interest rate, credit, default and duration risks. Greater risk, such as increased volatility, limited liquidity, prepayment, non-payment and increased default risk, is inherent in portfolios that invest in high yield ("junk") bonds or mortgage-backed securities, especially mortgage-backed securities with exposure to sub-prime mortgages. Generally, when interest rates rise, prices of fixed income securities fall. Interest rates in the United States are at, or near, historic lows, which may increase a Fund's exposure to risks associated with rising rates. Investment in non-U.S. and emerging market securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

    Non-U.S. markets, which may include developed, emerging, and frontier markets, entail different risks than those typically associated with U.S. markets, including currency fluctuations, political and economic instability, accounting changes and foreign taxation. Non-U.S. securities may be less liquid and more volatile than U.S. securities. The risks associated with non-U.S. securities may be amplified for emerging markets securities. Because frontier markets are among the smallest, least developed, least liquid, and most volatile of the emerging markets, investments in frontier markets are generally subject to a greater risk of loss than investments in developed or traditional emerging markets.


    Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks, including government regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.


  • LifePoints® Funds, Target Portfolio Series

    LifePoints® is a registered service mark of Russell Investments.


    The LifePoints® Funds are a series of fund of funds which expose an investor to the risks of the underlying funds proportionate to their allocation. Investment in LifePoints® Funds involves direct expenses of each fund and indirect expenses of the underlying funds, which together can be higher than those incurred when investing directly in an underlying fund.

    As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Rebalancing your portfolio may create tax consequences on the taxable portion.


    For each of the LifePoints® Funds, Target Portfolio Series, performance is reported net of fund advisory and administrative fees, Rule 12b-1distribution fees; and gross of any financial intermediary fees. Performance for periods prior to March 4, 2003 is that of the Equity Growth Strategy Fund, Balanced Strategy Fund, Moderate Strategy Fund, and the Conservative Strategy Fund's Class E shares. Class E shares and Class A shares have comparable fees and expenses.


    Each of the LifePoints® Funds, Target Portfolio Series, invests its assets principally in shares of a number of underlying Russell Investment Company Funds. In addition, the fund's adviser may also manage assets of the fund and underlying funds directly for a variety of purposes.


    Russell Investments may manage assets to effect the Conservative, Moderate, Balanced, Growth and Equity Growth Strategy Fund's investment strategies and/or to actively manage the fund's overall exposures to seek to achieve the desired risk/return profile for the fund.


    Target Portfolio Class A

    The Equity Growth Strategy and the Balanced Strategy Funds' first issued Class A Shares on March 4, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Growth Strategy Fund first issued Class A Shares on March 10, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Moderate Strategy Fund first issued Class A Shares on March 4, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    The Conservative Strategy Fund first issued Class A Shares on March 3, 2003. The returns shown for Class A Shares prior to that date are the returns of the Fund's Class E Shares.


    Target Portfolio Class C

    The Growth Strategy and Balanced Strategy Funds first issued Class C Shares on February 1, 1999. The returns shown for Class C Shares from September 17, 1997 to March 23, 1998 are the returns of the Fund Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to January 31, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Moderate Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from October 3, 1997 to March 23, 1998 are the returns of the Fund's Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Conservative Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from November 10, 1997 to March 23, 1998 are the returns of the Fund's Class E Shares and the returns of the Fund's Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    The Equity Growth Strategy Fund first issued Class C Shares on February 12, 1999. The returns shown for Class C Shares from October 1, 1997 to March 23, 1998 are the returns of the Fund Class E Shares and the returns of the Fund Class R3 Shares from March 24, 1998 to February 11, 1999, and do not reflect deduction of the Rule 12b-1 distribution fees that apply to Class C Shares. Had it done so, the returns shown for those periods would have been lower.


    Target Portfolio Class S

    For each of the LifePoints® Funds, the returns shown for each Fund's Class S Shares reflect the deduction of shareholder services fees prior to the date the Fund commenced its Class S operations. After commencement of the Class S Shares there is no shareholder service fees. Each Fund commenced operation of its Class S Shares on the following dates: Balanced Strategy Fund, Equity Growth Strategy Fund - February 1, 2000; Aggressive Strategy Fund - February 1, 2000; Moderate Strategy Fund - February 2, 2000; Conservative Strategy Fund - February 15, 2000.


    The Growth Strategy and Moderate Strategy Funds first issued Class S Shares on February 2, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    The Conservative Strategy Fund first issued Class S Shares on February 15, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    The Equity Growth Strategy and the Balanced Strategy Funds' first issued Class S Shares on February 1, 2000. The returns shown for Class S Shares prior to that date are the returns of the Fund Class E Shares.


    Target Portfolio Class R1

    Performance shown for LifePoints® Funds, Target Portfolio Series, Conservative Strategy Fund, Class R1 shares prior to December 29, 2006 (commencement of operations) is the performance of the fund's Class S shares and Class E shares from November 10, 1997 to February 14, 2000 and Class S shares from February 15, 2000.


    Performance for the LifePoints® Funds, Target Portfolio Series, Balanced Strategy Fund, Class R1 is the performance of its Class E shares from September 17, 1997 to January 31, 2000 and Class S shares from February 1, 2000 to June 5, 2006 (commencement of operations)


    Performance shown for LifePoints® Funds, Target Portfolio Series, Moderate Strategy Fund, Class R1 shares prior to October 3, 2006 (commencement of operations) is the performance of the fund's Class S shares and Class E shares from October 2, 1997 to January 31, 2000 and Class S shares from February 1, 2000.


    The Growth Strategy Fund first issued Class R1 Shares on May 19, 2006. The returns shown for Class R1 Shares from September 17, 1997 to February 1, 2000 are the returns of the Funds' Class E Shares and the returns of the Funds' Class S Shares from February 2, 2000 to May 18, 2006.


    The Equity Growth Strategy Fund first issued Class R1 Shares on May 19, 2006. The returns shown for Class R1 Shares from October 1, 1997 to January 31, 2000 are the returns of the Fund?s Class E Shares and the returns of the  Funds' Class S Shares from February 1, 2000 to May 18, 2006.

    Target Portfolio Class R4

    The Conservative Strategy, Moderate Strategy, Balanced Strategy, Growth Strategy and Equity Growth Strategy Funds first issued Class R4 Shares on October 1, 2014. The returns shown for Class R4 Shares are the returns of the Fund's Class E Shares from January 1, 2004 to March 28, 2006 and the returns of the Fund's Class R2 Shares from March 29, 2006 to September 30, 2014. Class R2 Shares are no longer offered and were reclassified as Class R4 Shares on October 1, 2014.


    Target Portfolio Class R5

    The Conservative Strategy, Moderate Strategy, Balanced Strategy, Growth Strategy and Equity Growth Strategy, Funds first issued Class R5 Shares on October 1, 2014. The returns shown for Class R5 Shares prior to that date are the returns of the Fund's Class R3 Shares. Class D Shares were redesignated Class R3 Shares on March 1, 2006. Class R3 Shares are no longer offered and were reclassified as Class R5 Shares on October 1, 2014.


  • Fund Benchmark Definitions

     

    FUND BENCHMARK DEFINITION RUSSELL INVESTMENT COMPANY FUND
    30% FTSE All-World/70% FTSE US Broad Investment Grade Composite Index (gross) The FTSE All-World Index is a market-capitalization weighted index representing the performance of the large and mid cap stocks from the FTSE Global Equity Index Series and covers 90-95% of the investable market capitalization. The index covers Developed and Emerging markets and is suitable as the basis for investment products, such as funds, derivatives and exchange-traded funds. The FTSE US Broad Investment-Grade Bond Composite Index (gross) tracks the performance of US Dollar-denominated bonds issued in the US investment-grade bond market. It includes US Treasury, government sponsored, collateralized, and corporate debt. Multi-Strategy Income
    60% FTSE All-World/40% FTSE US Broad Investment-Grade Bond Composite Index (gross) The FTSE All-World Index is a market-capitalization weighted index representing the performance of the large and mid cap stocks from the FTSE Global Equity Index Series and covers 90-95% of the investable market capitalization. The FTSE US Broad Investment-Grade Bond Composite Index (gross) tracks the performance of US Dollar-denominated bonds issued in the US investment-grade bond market. Multi-Asset Growth Strategy
    Bloomberg 60% Muni HY Tax-Exempt/40% Muni Bond Index The Bloomberg 60% Muni HY Tax-Exempt/40% Muni Bond Index is a composite index consisting of 60% of Bloomberg U.S. Municipal High Yield Bond Index and 40% of Bloomberg Municipal Bond Index. The Bloomberg U.S. Municipal High Yield Index measures the non-investment grade and non-rated U.S. dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington DC, Puerto Rico, Guam and the Virgin Islands). The Bloomberg Municipal Bond Index currently contains approximately 46,200 bonds. To be included in the index, bonds must be rated investment-grade (“Baa3/BBB-” or higher) by at least two of the following ratings agencies: Moody’s, Standard & Poor’s and Fitch, if all three rate the bond. If only two of the three agencies rate the bond, the lower rating is used to determine index eligibility. If only one of the three agencies rates a bond, the rating must be investment-grade. To be included in the index, bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Tax-Exempt High Yield Bond
    Bloomberg Global Aggregate (US$) Hedged Index The Bloomberg Global Aggregate (US$) Hedged Index is a flagship measure of global investment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Long Duration Bond1
    Bloomberg 1-15 Year Municipal Blend Index (1-17) The Bloomberg 1-15 Year Municipal Blend Index (1-17) is an index, with income reinvested, representative of municipal bonds with maturities ranging from 1-15 years. Tax-Exempt Bond
    Bloomberg  U.S. Aggregate Bond Index The Bloomberg U.S. Aggregate Bond Index is an index, with income reinvested, generally representative of intermediate-term government bonds, investment-grade corporate debt securities and mortgage-backed securities. Strategic Bond
    Investment Grade Bond
    LifePoints® Funds Target Portfolio Series Conservative Strategy
    LifePoints® Funds Target Portfolio Series Moderate Strategy
    LifePoints® Funds Target Portfolio Series Balanced Strategy
    Bloomberg U.S. Universal The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High-Yield, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment-grade or below investment-grade. Opportunistic Credit
    FTSE EPRA NAREIT Developed Real Estate Index Net TR The FTSE EPRA NAREIT Developed Real Estate Index Net TR is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.  Global Real Estate Securities
    ICE BofA 1-3 Year U.S. Treasury Index The ICE BofA 1-3 Year US Treasury Index is an index representative of coupon-bearing U.S. Treasury debt with terms to maturity of at least one year. Short Duration Bond
    MSCI AC World Index ex USA Net The MSCI AC World Index ex USA Net captures large- and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. Tax-Managed International Equity
    MSCI Emerging Markets Index Net of Div The MSCI Emerging Markets Index Net of Div is a market capitalization weighted index of over 850 stocks traded in 22 world markets. Emerging Markets
    MSCI World ex USA Index Net The MSCI World ex USA Index Net tracks global stock market performance that includes developed and emerging markets but excludes the U.S. International Developed Markets
    Multifactor International Equity
    MSCI World With Net Dividends The MSCI World With Net Dividends Index is a market capitalization index, with net or with gross dividends reinvested, that is designed to measure global developed market equity performance. The Index is composed of companies representative of the market structure of 23 developed market countries in North America, Europe and the Asia/Pacific Region. Global Equity
    Tax-Managed Real Assets
    Russell 1000® Index The Russell 1000 Index is an index of 1,000 issues representative of the U.S. large capitalization securities market. Sustainable Equity
    U.S. Strategic Equity
    Multifactor U.S. Equity
    LifePoints® Funds Target Portfolio Series Growth Strategy
    LifePoints® Funds Target Portfolio Series Equity Growth Strategy
    Russell 1000® Value Index The Russell 1000 Value Index measures the performance of those Russell 1000 Index securities with lower price-to-book ratios and lower forecasted growth values, representative of U.S. Securities exhibiting value characteristics. Equity Income
    Russell 2000® Index The Russell 2000 Index is an index of 2,000 issues representative of the U.S. small capitalization securities market. U.S. Small Cap Equity
    Russell 2500™ Index The Russell 2500 Index is an index of 2,500 issues representative of the U.S. small to medium-small capitalization securities market. Tax-Managed U.S. Mid & Small Cap
    S&P 500® Index The S&P 500 Index is an index, with dividends reinvested, of 500 issues representative of leading companies in the U.S. large cap securities market. Tax-Managed U.S. Large Cap
    S&P Global Infrastructure Index Net The S&P Global Infrastructure Index Net provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: utilities, transportation and energy. Global Infrastructure

    Indexes are unmanaged and cannot be invested in directly.

     

    Notice:

     1Effective September 13, 2023, the Multifactor Bond Fund was renamed the Long Duration Bond Fund. Also effective September 13, 2023, the principal investment strategies of the Fund was changed to invest principally in long duration bonds, as defined by durations greater than nine years. Effective October 1, 2023, in accordance with regulatory requirements that will be effective in July 2024, the Multifactor Bond Fund’s benchmark will change from the Bloomberg Global Aggregate Bond Index (USD Hedged) to the Bloomberg U.S. Aggregate Bond Index and the Fund’s secondary benchmark will be the ICE BofA 10-15 Year US Treasury Index.

     

    First used: April 2020. Updated September 2023.
    RIFIS-22562

Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if available, or a prospectus containing this and other important information can be obtained by calling 800-787-7354 or by visiting the prospectus and reports page to download one. Please read the prospectus carefully before investing.