S Share 7 Tax-Managed Model Strategies eKit - Q320

Annualized returns (%)

Tax-Managed Balanced Model Strategy performance – Class S* (as of 9/30/2020) Tax-Managed Balanced Model Strategy Return After Taxes on Distributions**

Latest three months 5 (%)

Inception date

1 YR

5 YRS

10 YRS Since Inception

4.72 4.72

4.68 4.55

7.08 6.89

6.84 6.60

6.84 6.60

04/01/2003

Annual fund operating expense 6

Annualized returns (%)

Inception date

Underlying fund performance – Class S* (as of 9/30/2020)

Latest three months 5 (%)

Portfolio allocation

1 YR

5 YRS

10 YRS Since Inception

Total Net †

Tax-Managed U.S. Large Cap Fund †,(b) After Tax Return Pre-Liq. / Post-Liq. 2,3 Tax-Managed U.S. Mid & Small Cap Fund †,(a),(b) After Tax Return Pre-Liq. / Post-Liq. 2,3 Tax-Managed International Equity Fund †,(b) After Tax Return Pre-Liq. / Post-Liq. 2,3

8.20

14.57

12.40

12.48

7.95

10/07/1996 0.95% 0.92% 32%

8.20/4.86 14.36/8.76 12.17/9.87 12.21/10.39 7.73/6.84

5.09

-1.87

6.86

9.57

6.30

11/30/1999 1.29% 1.20% 6%

5.09/3.01 -1.94/-1.05 6.80/5.38 9.16/7.79 6.02/5.26

5.19

-2.51

4.28

—

0.99

06/01/2015 1.16% 1.04% 18%

5.19/3.07 -2.73/-0.72 4.14/3.58

—/— 0.87/1.00

4.86

-8.13

—

—

-4.85

Tax-Managed Real Assets Fund †,(b)

06/10/2019 1.28% 1.08% 5%

After Tax Return Pre-Liq. / Post-Liq. 2,3

4.86/2.88 -8.38/-4.67 —/— —/— -5.05/-3.69

1.47

2.53

3.28

3.15

4.38

Tax-Exempt Bond Fund †,(a)

09/05/1985 0.58% 0.52% 27%

After Tax Return Pre-Liq. / Post-Liq. 2,3

1.47/1.14 2.51/2.57 3.27/3.15 3.14/3.05 4.38/4.31

2.08

0.77

5.37

—

5.20

Tax-Exempt High Yield Bond †,(b)

06/01/2015 0.81% 0.64% 12%

After Tax Return Pre-Liq. / Post-Liq. 2,3

2.08/1.58 0.73/1.84 5.30/5.01

—/— 5.14/4.86

Pre-Liq. and Post-Liq.: Pre-Liquidation and Post-Liquidation respectively.

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 russellinvestments.com. Please read a prospectus carefully before investing. 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 Investments mutual funds is available by visiting: russellinvestments.com/us/funds/performance-prices.

of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Multi-Asset is defined as funds that contain more than one broad asset class (equity, fixed-income, alternatives). Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. Nothing contained in this material is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment. The general information contained in this publication should not be acted upon without obtaining specific legal, tax and investment advice from a licensed professional. Copyright © 2020 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any formwithout prior written permission from Russell Investments. It is delivered on an "as is" basis without warranty. Russell Investments’ ownership is composed of a majority stake held by funds managed by TA Associates with minority stakes held by funds managed by Reverence Capital Partners and Russell Investments’ management. Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the “FTSE RUSSELL” brand. Russell Investment Company mutual funds are distributed by Russell Investments Financial Services, LLC, member FINRA, part of Russell Investments. First used: September 2020. Updated October 2020. RIFIS-23214 (Exp. 09/23) 01-01-426 (10/20)

Performance is based on full investment in the model strategy. You and your financial professional may implement your investment differently than the above- referenced strategy. For example, if you allocate up to 2%of your portfolio to cash to facilitate the payment of advisory fees and charges, your actual performance may differ. * Please note that the products listed within this material may or may not be available in Class S for investment. **Return after taxes represents historical model strategy returns after taxes on underlying fund distributions but prior to any sale of underlying fund shares. After- tax returns are calculated using the historical highest individual federal marginal income tax rates and the 3.8%net investment income tax, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. 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. † The Net Annual Operating Expense Ratio may be less than the Total Operating Expense Ratio and represents the actual expenses expected to be borne by shareholders after application of: (a) a contractual transfer agency fee or advisory fee waiver through February 28, 2021; (b) a contractual cap and reimbursement on expenses through February 28, 2021; 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. 1 Model Strategy returns represent past performance and are not indicative of any specific investment. Model Strategy returns are calculated by obtaining the weighted monthly returns of the strategy component funds from the prior month-end to the current month-end. These weighted returns are then added to the prior month’s return history and annualized. Performance is calculated based upon the actual historical fund allocations at the beginning

of each month during the periods shown, which may differ from the current allocation. The funds comprising the strategies and the allocations to those funds have changed over time and may change in the future. Actual historical performance has not been adjusted to reflect current fund allocations. Performance of the Model Strategies represent target allocations of Russell Investment Company Class S Share funds. Your financial advisor may have access to a different share class for the underlying funds allocated in the Model Strategies that could be more or less expensive which will impact the returns of the Model Strategies shown. 2 Return after taxes on distributions. If an underlying fund has realized capital losses, the return after taxes on distributions and sale of fund shares may be higher than the return before taxes and the return after taxes on distributions. The calculation of return after taxes on distributions and sale of fund shares assumes that a shareholder has sufficient capital gains of the same character to offset any capital losses on a sale of fund shares and that the shareholder may therefore deduct the entire capital loss. 3 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and the 3.8%net investment income tax, and do not reflect the impact of state and local taxes. After-tax returns depend on an investor's tax situation and may differ from those shown. 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. 4 Return after taxes on distributions and sales of fund shares. 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. 5 Not annualized. 6 As of most recent prospectus, dated 3/1/2020. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type

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