TAX-MANAGED
MODEL STRATEGIESMULTI-ASSET PORTFOLIOSEE HOW SOME OF THE WORLD'S LEADING MANAGERS AND
STRATEGIES CAN BE COMBINED TO WORK FOR YOU AND YOUR GOALS.

Not a Deposit • Not FDIC Insured • May Lose Value • Not Bank Guaranteed
Not insured by any Federal Government Agency

Tax-Managed Model Strategies

A total tax-managed portfolio solution

Multi-Asset Portfolio – Tax-Managed
Balanced Model Strategy

The below lists the funds’ money managers whose strategies have been
allocated assets.1 Russell Investment Management, LLC (RIM) oversees themanagement of all the funds within our portfolios. We may manage 5% ormore of fund assets not allocated to money managers, including liquidity
reserves and assets managed directly, to effect the funds’ investment
strategies and/or to actively manage the funds’ overall exposures to seek toachieve the desired risk/return profiles for the funds.

Broad diversification, access to some of the world’s leading
managers and strategies, and dynamic portfolio management†
all in a single investment portfolio.
Managing the managers
in the Tax-Managed
Balanced Model Strategy

4 Asset Classes

SUMMARYOF MANAGER
ACTIVITY
APR 2003 –MAR 2024

6 Funds

221

Total number of manager
changes

131

Total number of hires

90

Total number of terminations

39%
U.S. Equity

17%
International Equity

5%
Alternatives

5%
Tax-Managed
U.S. Mid & Small
Cap217%
Tax-Managed
International Equity25%
Tax-Managed
Real Assets2

29%
Tax-Exempt Bond

10%
Tax-Exempt
High Yield
Bond

Brandywine

AncoraIntermede5

First Sentier

GSAM

GSAM

J.P. Morgan

Baron

Oaktree

GMO

MacKayMacKaySGA

CopelandPzena

RREEF America4

RIM3

RIM3

William Blair

DRZ

RWC

RIM3

RIM3

Penn Capital

Wellington

RIM3

PolenRIM3

34%
Tax-Managed
U.S. Large Cap2

39%
Fixed Income

30 Manager Strategies

Royce & Asso.
Summit Creek
RIM3
The above allocations were effective 5/16/2023† Russell Investments’ Portfolio Managers are always looking for ways toactively manage risks and capture return opportunities. Our manager
research approach allows the Portfolio Managers to quickly identify andchange money managers, as needed. They also rely on our forwardlooking market views and capital market insights to identify potential newopportunities and integrate them into their portfolios, when and whereappropriate.
Model Strategies represent target allocations of Russell Investment Company
funds; these models are not managed and cannot be invested in directly.

1 The list above only includes those money managers whose strategies RIM
has allocated Fund assets to as of 3/1/2024. RIM may change a Fund’s asset
allocation at any time, including not allocating Fund assets to one or moremoney manager strategies. For a complete list of a Fund’s money managers, see
the prospectus.
2 All money managers in this Fund are non-discretionary money managers. RIM
manages this portion of the Fund’s assets based upon model portfolios provided
by the managers.

The above allocations were effective May 16, 2023.
3 RIM manages Fund assets not allocated to money manager strategies by utilizing quantitative and/or
rules-based processes and qualitative analysis to assess Fund characteristics and invest in securities
and instruments, which provide the desired overall Fund exposures. RIM also manages the Fund’s
cash balances and cash reserves. RIM generally seeks to obtain market exposure for this cash thatcorresponds to the Fund’s benchmark exposures, but RIM may also reduce the Fund’s market
exposure and/or utilize the Fund’s liquidity reserve to manage overall Fund exposures.
4 RREEF America L.L.C. refers to RREEF America L.L.C., operating under the brand name DWS.
5 Intermede refers to Intermede Investment Partners Limited and Intermede Global Partners Inc.

You and your financial and/or tax advisor may work to
combine selected funds that differ from the illustrated
combinations depending upon individual investment
objectives.
See last page for additional disclosures.

IMPORTANT RISK DISCLOSURES
Mutual Fund investing involves risks, principal loss is possible.
Investments that are allocated across multiple types of securities may be exposed to a variety of risks
based on the asset classes, investment styles, market sectors, and size of companies preferred by theinvestment managers. Investors should consider how the combined risks impact their total investment
portfolio and understand that different risks can lead to varying financial consequences, including loss ofprincipal. Please see a prospectus for further details.
Money managers listed are current as of 3/1/2024 and include only money managers whose strategies
have been allocated assets. Subject to the Funds’ Board approval, Russell Investment Management, LLC(RIM) has the right to engage or terminate a money manager at any time and without a shareholder vote,based on an exemptive order from the Securities and Exchange Commission. Investments in the Funds
are not deposits with or other liabilities of any of the money managers and are subject to investment risk,
including loss of Income and principal invested and possible delays in payment of redemption proceeds.
The money managers do not guarantee the performance of any Fund or any particular rate of return.
Model Strategies are exposed to the specific risks of the funds directly proportionate to their fundallocation. The funds comprising the strategies and the allocations to those funds have changed over timeand may change in the future.

Fund objectives, risks, charges and expenses should be carefully considered before
investing. A summary prospectus, if available, or a prospectus containing this andother important information can be obtained by calling 800-787-7354 or by visiting
russellinvestments.com. Please read a prospectus carefully before investing.
The degree of correlation among money managers’ investment strategies and the market as a whole willvary as a result of market conditions and other factors. Some money managers will have a greater degreeof correlation with each other and with the market than others.
The investment styles employed by a Fund’s money managers may not be complementary. This
concentration may be beneficial or detrimental to Fund’s performance depending upon the performanceof those securities and the overall economic environment. The multi-manager approach could increase aFund’s portfolio turnover rates which may result in higher levels of realized capital gains or losses withrespect to a Fund’s portfolio securities, higher brokerage commissions and other transaction costs.
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 thispublication should not be acted upon without obtaining specific legal, tax and investment advice from alicensed professional.
Income from funds managed for tax efficiency may be subject to an alternative minimum tax and/or any
applicable state and local taxes.
Diversification and strategic asset allocation do not assure profit or protect against loss in declining
markets.
Copyright © 2024 Russell Investments Group, LLC. All rights reserved. This material is proprietary andmay 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.
Russell Investments' ownership is composed of a majority stake held by funds managed by TA Associates
Management, L.P., with a significant minority stake held by funds managed by Reverence CapitalPartners, L.P. Certain of Russell Investments' employees and Hamilton Lane Advisors, LLC also holdminority, non-controlling, ownership stakes.
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 groupof companies are permitted to use under license from Frank Russell Company. The members of theRussell Investments group of companies are not affiliated in any manner with Frank Russell Company or
any entity operating under the “FTSE RUSSELL” brand.
First used June 2021. Updated March 2024.

RIFIS-24874 (EXP 12/24) 01-01-332 (3/24)

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