Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Current to the most recent month-end performance for Russell Investment Company mutual funds is available by visiting: https://russellinvestments.com/us/fund-center/performance-pricing.

Notice:

Expense ratios are as of the most recent prospectus (3/1/2023).

^⫲The Net Annual Operating Expense Ratio for the Tax-Managed U.S. Large Cap Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For M Share Class, a contractual transfer agency fee or advisory fee waiver through February 29, 2024;
• For A, C, M, and S Share Classes, a contractual cap and reimbursement on expenses through February 29, 2024;
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

^⫲The Net Annual Operating Expense Ratio for the Tax-Managed U.S. Mid & Small Cap Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For A, C, M, and S Share Classes, a contractual transfer agency fee or advisory fee waiver through February 29, 2024;
• For A, C, M, and S Share Classes, a contractual cap and reimbursement on expenses through February 29, 2024;
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

^⫲The Net Annual Operating Expense Ratio for the Tax-Managed International Equity Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For M Share Class, a contractual transfer agency fee or advisory fee waiver through February 29, 2024;
• For A, C, M, and S Share Classes, a contractual cap and reimbursement on expenses through February 29, 2024;
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

^⫲The Net Annual Operating Expense Ratio for the Tax-Managed Real Assets Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For M Share Class, a contractual transfer agency fee or advisory fee waiver through February 29, 2024;
• For A, C, S, and M Share Classes, a contractual cap and reimbursement on expenses through February 29, 2024;
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

^⫲The Net Annual Operating Expense Ratio for the Tax-Exempt Bond Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For A, C, M, and S Share Classes, a contractual transfer agency fee or advisory fee waiver through February 29, 2024.
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

^⫲The Net Annual Operating Expense Ratio for the Tax-Exempt High Yield Bond Fund may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after the application of:

• For M and S Share Class, a contractual transfer agency fee or advisory fee waiver through February 29, 2024;
• For A, C, M, and S Share Classes, a contractual cap and reimbursement on expenses through February 29, 2024;
These contractual agreements may not be terminated during the relevant periods except at the Board of Trustee's discretion. Details of these agreements are in the current prospectus. Absent these reductions, the fund's return would have been lower.

Tax-adjusted returns is defined as after-tax returns that are calculated using the historical highest individual federal marginal income tax rates, as well as the 3.8% net investment income tax, and do not reflect the impact of state and local taxes. Returns shown are pre-liquidation returns. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Post-liquidation returns may be adversely impacted by an investor's deferred tax liabilities. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Returns After Taxes on Distributions may be the same as Returns Before Taxes for the same period if there were no distributions for that period.

Tax-cost ratio is defined as Morningstar’s Tax Cost Ratio, which measures how much a fund's annualized return is reduced by the taxes investors pay on distributions. Investors then must pay taxes on distributions during the year they were received. Like an expense ratio, the tax cost ratio is a measure of how one factor can negatively impact performance. For example, if a fund had a 2% tax cost ratio for the three-year time period, it means that on average each year, investors in that fund lost 2% of their assets to taxes. If the fund had a three-year annualized pre-tax return of 10%, an investor in the fund took home about 8% on an after-tax basis. (Because the returns are compounded, the after-tax return is actually 7.8%.)

MORNINGSTAR CATEGORY DEFINITIONS:

Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Large-growth portfolios invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these portfolios focus on companies in rapidly expanding industries.

Large-value portfolios invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Mid-Cap blend portfolios invest in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. Most shy away from high-priced growth stocks but aren't so price-conscious that they land in value territory. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Mid-Cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Mid-Cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Small blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Small growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Small value portfolios invest in small U.S. companies with valuations and growth rates below other small-cap peers. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

Foreign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks.

Total Return Percentile Rank, Morningstar Category: Percentile rank is a standardized way of ranking items within a peer group, in this case, funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale. Note that lower percentile ranks are generally more favorable for returns (high returns), while higher percentile ranks are generally more favorable for risk measures (low risk).