S Share 7 Tax-Managed Model Strategies eKit - Q320

Russell Investment Company Tax-Managed and Tax-Exempt Mutual Funds Performance (Class S) Annualized returns as of September 30, 2020 Annual fund operating expenses 3 RUSSELL INVESTMENT COMPANY FUNDS – CLASS S LAST 3 MOS % 1 YEAR % 5 YEARS % 10 YEARS % SINCE INCEPTION % INCEPTION DATE TOTAL % NET % 4

Tax-Managed U.S. Large Cap

8.20

14.57

12.40

12.48

7.95

10/7/1996

0.95

0.92

8.20

14.36

12.17

12.21

7.73

—

Pre-liquidation after-tax returns 1

4.86

8.76

9.87

10.39

6.84

Post-liquidation after-tax returns 1,2

Tax-Managed U.S. Mid & Small Cap

5.09

-1.87

6.86

9.57

6.30

11/30/1999 1.29

1.20

5.09

-1.94

6.80

9.16

6.02

Pre-liquidation after-tax returns 1

3.01

-1.05

5.38

7.79

5.26

Post-liquidation after-tax returns 1,2

Tax-Managed International Equity

5.19

-2.51

4.28

—

0.99

6/1/2015

1.16

1.04

5.19

-2.73

4.14

—

0.87

Pre-liquidation after-tax returns 1

3.07

-0.72

3.58

—

1.00

Post-liquidation after-tax returns 1,2

Tax-Exempt Bond

1.47

2.53

3.28

3.15

4.38

9/5/1985

0.58

0.52

1.47

2.51

3.27

3.14

4.38

Pre-liquidation after-tax returns 1

1.14

2.57

3.15

3.05

4.31

Post-liquidation after-tax returns 1,2

Tax-Exempt High Yield Bond

2.08

0.77

5.37

—

5.20

6/1/2015

0.81

0.64

2.08

0.73

5.30

—

5.14

Pre-liquidation after-tax returns 1

1.58

1.84

5.01

—

4.86

Post-liquidation after-tax returns 1,2

Performance quoted represents past performance and should not be viewed as a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, 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 may be obtained by visiting russellinvestments.com/us/funds/performance-prices.

Ask your financial and/or tax advisor to learn more.

IMPORTANT INFORMATION 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. Please read a prospectus carefully before investing. russellinvestments.com

1 After-tax returns 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. 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. 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. 2 Return After Taxes on Distributions and Sale of Fund Shares. If a Fund has realized capital losses, the 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 As of the most recent prospectus, dated 3/1/2020. 4 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 the application of:

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