Fund Updates. The value of active management. Effective March 15, 2017, changes will be implemented for six Russell Investment Company Funds.

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1 Fund Updates Effective March 15, 2017, changes will be implemented for six Russell Investment Company Funds. The value of active management As a result of our ongoing manager research and deep portfolio review process, Russell Investments and our Portfolio Managers have identified changes to certain funds, effective March 15, Changes are occurring in the following Russell Investment Company (RIC) Funds: U.S. Small Cap Equity Fund Global Equity Fund International Developed Markets Fund Commodity Strategies Fund Multi-Strategy Income Fund Multi-Asset Growth Strategy Fund Unless otherwise noted, investment objectives, risk parameters and fund portfolio characteristics will not materially change as a result of these changes. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Russell Investments // March 2017 Fund Updates

2 U.S. Small Cap Equity Fund The Russell Investments Portfolio Managers of this Fund, Jon Eggins and Megan Roach, recently made changes in an effort to: Improve excess return potential of the Fund by consolidating assets to existing high conviction, early lifecycle money managers in the Fund. Terminated money manager: EAM Investors, LLC Originally introduced into the Fund in 2011 Targeted number of holdings: The decision was a result of Russell Investment s desire to consolidate the Fund to its highest conviction managers and the availability of existing managers to provide microcap and momentum growth exposures similar to EAM. What is the impact on the fund structure as a result of this change? U.S. Small Cap Equity Fund PREVIOUS TARGET CURRENT TARGET Ancora Advisors, LLC Market-oriented 8% 8% Cardinal Capital Management, L.L.C. Value 5% 5% Copeland Capital Management, LLC Market-oriented 11% 11% DePrince, Race & Zollo, Inc. Value 12% 11% EAM Investors, LLC Growth 5% 0% Falcon Point Capital, LLC Growth 10% 12% Jacobs Levy Equity Management, Inc. Value 15% 14% PENN Capital Management Company, Inc. Market-oriented 5% 5% Robeco Investment Management, Inc., dba Boston Partners Value 10% 10% Timpani Capital Management, LLC Growth 10% 12% Russell Investment Management, LLC ( RIM )* Positioning strategies 9% 12% *RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to Russell Investments // March 2017 Fund Updates / p 2

3 Global Equity Fund The Russell Investments Portfolio Manager of this Fund, Jon Eggins, recently made changes in an effort to: Improve excess return potential of the Fund by providing access to a high conviction and diverse money manager. Terminated money manager: MFS Institutional Advisors, Inc. Originally introduced into the Fund in 2009 Targeted number of holdings: The decision was a result of retirement of the lead portfolio managers of the global and international equity assignments at MFS. New money manager: GQG Partners LLC Firm headquarters is in Fort Lauderdale, FL Lead manager is Rajiv Jain GQG brings a consistent growth strategy to the Fund with a flexible and adaptive approach to investing. They aim to build portfolios of sustainable quality and growth companies at attractive prices. Targeted number of holdings: Russell Investments believes that GQG, an early lifecycle money manager with a low asset base, is a high conviction choice to replace MFS. GQG has a willingness to invest in improving quality companies, which Russell Investments believes is a positively differentiated feature of GQG s investment approach. This willingness provides an expanded opportunity set of stocks to choose from. What is the impact on the Fund structure as a result of this change? Global Equity Fund PREVIOUS TARGET CURRENT TARGET GQG Partners LLC Growth 0% 15% Harris Associates LP Value 15% 15% MFS Institutional Advisors, Inc. Market-oriented 10% 0% Polaris Capital Management, LLC Value 17.5% 17.5% Sanders Capital, LLC Value 20% 17.5% Wellington Management Company, LLP Growth 17.5% 15% Russell Investment Management, LLC ( RIM )* Positioning strategies 20% 20% *RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to Russell Investments // March 2017 Fund Updates / p 3

4 International Developed Markets Fund The Russell Investments Portfolio Manager of this Fund, Jon Eggins, recently made changes in an effort to: Improve excess return potential of the Fund by providing access to a high conviction and diverse money manager. Terminated money manager: MFS Institutional Advisors, Inc. Originally introduced into the Fund in 2009 Targeted number of holdings: The decision was a result of retirement of the lead portfolio managers of the global and international equity assignments at MFS. New money manager: GQG Partners LLC Firm headquarters is in Fort Lauderdale, FL Lead manager is Rajiv Jain GQG brings a consistent growth strategy to the Fund with a flexible and adaptive approach to investing. They aim to build portfolios of sustainable quality and growth companies at attractive prices. Targeted number of holdings: Russell Investments believes that GQG, an early lifecycle money manager with a low asset base, is a high conviction choice to replace MFS. GQG has a willingness to invest in improving quality companies, which Russell Investments believes is a positively differentiated feature of GQG s investment approach. This willingness provides an expanded opportunity set of stocks to choose from. What is the impact on the Fund structure as a result of this change? International Developed Markets Fund PREVIOUS TARGET CURRENT TARGET Barrow, Hanley, Mewhinney & Strauss, LLC Market-oriented 17.5% 15% GQG Partners LLC Growth 0% 15% MFS Institutional Advisors, Inc. Growth 10% 0% Numeric Investors, LLC Value 17.5% 15% Pzena Investment Management LLC Value 20% 20% Wellington Management Company, LLP Growth 15% 15% Russell Investment Management, LLC ( RIM )* Positioning strategies 20% 20% *RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to Russell Investments // March 2017 Fund Updates / p 4

5 Commodity Strategies Fund The Russell Investments Portfolio Manager of this Fund, Lee Kayser, recently made changes in an effort to: Improve excess return potential of the Fund by moving to a high conviction money manager and increasing the role of systematic investment strategies. Terminated money manager: Goldman Sachs Asset Management, L.P. Originally introduced into the Fund in 2010 Targeted number of holdings: A diverse basket of approximately commodity futures in addition to collateral consisting of short duration bonds and cash. Goldman Sachs is being removed from the Fund to increase the role of systematic investment strategies in the Fund. New money manager: Mellon Capital Management Corporation Firm headquarters is in San Francisco, CA Lead managers are Suzanne Ly, James Stavena, Vassilis Dagioglu Mellon Capital brings a systematic, multi-factor investment strategy to the Fund and will take long and short commodity futures positions. The strategy is expected to complement the Fund s existing strategies through its unique and diversifying security selection and portfolio construction strategies. Targeted number of holdings: Mellon Capital s primary universe will consist of the 22 commodities held in the Bloomberg Commodity Index Total Return in addition to collateral consisting of short duration bonds and cash. Russell Investments considers Mellon Capital s strategy to be a thoughtful quantitative approach to benchmark-agnostic investing across the commodity complex. What is the impact on the Fund structure as a result of this change? Commodity Strategies Fund PREVIOUS TARGET CURRENT TARGET CoreCommodity Management, LLC Global market-oriented 15% 20% Credit Suisse Asset Management, LLC Global market-oriented 25% 30% Goldman Sachs Asset Management, L.P. Global market-oriented 40% 0% Mellon Capital Management Corporation Global market-oriented 0% 20% Russell Investment Management, LLC ( RIM )* Positioning strategies 20% 30% *RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to Russell Investments // March 2017 Fund Updates / p 5

6 Multi-Strategy Income Fund The Russell Investments Portfolio Managers of this Fund, Brian Meath and Rob Balkema, recently made changes in an effort to: Improve excess return potential of the Fund by moving to high conviction money managers. Terminated money manager: Lazard Asset Management LLC Originally introduced into the Fund in 2015 Targeted number of holdings: The decision was a result of a desire to move to a higher conviction money manager in the emerging market debt space. Terminated money manager: Loomis, Sayles & Company, L.P. Originally introduced into the Fund in 2015 Targeted number of holdings: Loomis Sayles is being removed from the Fund due to the identification of a more suitable, higher conviction money manager in global credit. New money manager: GLG LLC Firm headquarters is in London, UK Lead manager is Guillermo Osses GLG LLC brings an emerging markets debt strategy to the Fund with a large focus on downside protection. Targeted number of holdings: Russell Investments believes Mr. Osses is one of the most skilled portfolio managers in the emerging market debt space. Russell Investments believes GLG s strategy is one of the few all-weather strategies in the local currency emerging markets debt universe given that it is not biased towards being overweight or underweight rates, being overweight credit or taking outright views on the asset class. New money manager: T. Rowe Price Associates, Inc. Firm headquarters is in Baltimore, MD Lead manager is Steven Boothe T. Rowe Price brings a global investment grade credit strategy to the Fund with a focus on minimizing downside risk during periods of volatility. Targeted number of holdings: 100 Russell Investments believes T. Rowe Price s equity research team is one of the best in the industry, with a strong emphasis on management contact and on-site company visits. The firm has a highly cooperative investment culture with best-in-class interactions between equity and credit analysts in the global investment-grade credit space. Russell Investments // March 2017 Fund Updates / p 6

7 What is the impact on the Fund structure as a result of this change? Multi-Strategy Income Fund PREVIOUS TARGET CURRENT TARGET Cohen & Steers Capital Management, Inc.* Global real estate and infrastructure 14% 14% DDJ Capital Management, LLC High yield debt 16% 16% GLG LLC Emerging markets debt 0% 10% Janus Capital Management LLC and Perkins Investment Management, LLC** Global equity 11% 11% J O Hambro Capital Management Limited** UK equity 6% 6% Kopernik Global Investors, LLC** Global equity 3% 3% Lazard Asset Management LLC Emerging markets debt 10% 0% Loomis, Sayles & Company, L.P. Global credit 11% 0% Putnam Investment Management, LLC Mortgages 5% 5% THL Credit Advisors LLC Bank loans 13% 13% T. Rowe Price Associates, Inc. Global credit 0% 11% Russell Investment Management, LLC ( RIM )*** Positioning strategies 11% 11% *Cohen & Steers Capital Management, Inc. refers to Cohen & Steers Capital Management, Inc. (New York, NY), Cohen & Steers UK Limited (London, UK) and Cohen & Steers Asia Limited (Central Hong Kong). **Indicated managers are non-discretionary money managers. Russell Investments manages this portion of the Fund s assets based upon a model portfolios provided by the money managers. ***RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to Multi-Asset Growth Strategy Fund The Russell Investments Portfolio Managers of this Fund, Brian Meath and Rob Balkema, recently made changes in an effort to: Add two high conviction money managers in global credit and emerging markets debt. New money manager: GLG LLC Firm headquarters is in London, UK Lead manager is Guillermo Osses GLG LLC brings an emerging markets debt strategy to the Fund with a large focus on downside protection. Targeted number of holdings: Russell Investments // March 2017 Fund Updates / p 7

8 Russell Investments believes Mr. Osses is one of the most skilled portfolio managers in the emerging market debt space. Russell Investments believes GLG s strategy is one of the few all-weather strategies in the local currency emerging markets debt universe given that it is not biased towards being overweight or underweight rates, being overweight credit or taking outright views on the asset class. New money manager: T. Rowe Price Associates, Inc. Firm headquarters is in Baltimore, MD Lead manager is Steven Boothe T. Rowe Price brings a global investment grade credit strategy to the Fund with a focus on minimizing downside risk during periods of volatility. Targeted number of holdings: 100 Russell Investments believes T. Rowe Price s equity research team is one of the best in the industry, with a strong emphasis on management contact and on-site company visits. The firm has a highly cooperative investment culture with best-in-class interactions between equity and credit analysts in the global investment-grade credit space. What is the impact on the Fund structure as a result of this change? Multi-Asset Growth Strategy Fund PREVIOUS TARGET CURRENT TARGET Levin Capital Strategies, L.P.* U.S. equity-large cap value 2% 2% RiverPark Advisers, LLC* U.S. equity-large cap growth 2% 2% Axiom International Investors LLC* Int ll equity-all cap growth 3% 3% Kopernik Global Investors, LLC* Global equity-all cap value 3% 3% OFI Global Institutional, Inc.* Global equity-all cap value 3% 3% Polaris Capital Management, LLC* Global equity-all cap value 4% 4% Sustainable Growth Advisers, LP* Global equity-large cap growth 3% 3% Wellington Management Company LLP* Global equity-all cap growth 3% 3% AllianceBernstein L.P.* Emerging markets 3% 3% Cohen & Steers Capital Management, Inc. * Global real estate securities 6% 6% Colonial First State Asset Management (Australia) Limited* Global listed infrastructure 6% 6% Hermes Investment Management Limited High yield debt 7% 7% GLG LLC Emerging markets debt 0% 7% T. Rowe Price Associates, Inc. Global credit 0% 10% Russell Investments // March 2017 Fund Updates / p 8

9 Putnam Investment Management, LLC Mortgages 6% 6% THL Credit Advisors, LLC Bank loans 7% 7% Russell Investment Management, LLC ( RIM )** Positioning strategies 25% 25% Cohen & Steers Capital Management, Inc. refers to Cohen & Steers Capital Management, Inc. (New York, NY), Cohen & Steers UK Limited (London, UK) and Cohen & Steers Asia Limited (Central Hong Kong). *Indicated managers are non-discretionary managers. Russell Investments manages these portions of the fund s assets based upon model portfolios provided by the managers. **RIM manages this portion of the Fund s assets to effect the Fund s investment strategies and/or to actively manage the Fund s overall exposures to seek to 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) of visiting russellinvestments.com. Please read a prospectus carefully before investing. The investment styles employed by a Fund's money managers may not be complementary. This concentration may be beneficial or detrimental to a Fund's performance depending upon the performance of those securities and the overall economic environment. The multi-manager approach could increase a Fund's portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a Fund's portfolio securities, higher brokerage commissions and other transaction costs. Consider how the combined risks of various asset classes impact your total investment portfolio and understand that different risks can lead to varying financial consequences, including loss of principal. Please see a prospectus for further details. 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. 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. Emerging markets debt has higher default and repayment risk than traditional bond markets. 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. Copyright 2017 Russell Investments Group, LLC. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an as is basis without warranty. Russell Investment Company mutual funds are distributed by Russell Investments Financial Services, LLC, member FINRA, part of Russell Investments. First used: March 2017 RIFIS Russell Investments // March 2017 Fund Updates / p 9