OPPORTUNISTIC CREDIT FUND
Money Manager and Russell Investments Overview
Russell Investments’ approach

The portfolio managers’ role

Russell Investments uses a multi-asset approach to investing, combining asset
allocation, manager selection and dynamic portfolio management in its investment
portfolios. Using this approach as a framework for mutual fund construction, we
research, monitor, hire and terminate (subject to Fund Board approval) money
managers from around the world and strategically allocate fund assets to them. We
oversee all investment advisory services to the Fund and manage assets notallocated to money managers.

The Russell Investments portfolio managers are responsible for identifying andselecting the strategies and money managers included in the Fund and determining
the weight for each assignment. The portfolio managers manage the Fund on a daily
basis to help keep it on track, constantly monitoring risk and return expectations at the
total fund level and making changes when deemed appropriate and/or necessary.
Multiple resources from across the firm are used to help determine what is believed tobe the best combination of managers and strategies. Manager research and capital
markets research are just some of the tools at the portfolio managers’ disposal to help
identify opportunities and manage risk.

The FundThe Opportunistic Credit Fund seeks to provide total return. The Fund invests, undernormal circumstances, at least 80% of its net assets in bonds.* The Fund invests invarious tactical global bond opportunities.
The Fund’s performance benchmark is the Opportunistic Credit Composite Index,
which consists of 50% ICE BofA Developed Markets High Yield Constrained Index
Hedged (USD hedged), 20% JP Morgan EMBI Global Diversified Index, 20%
Bloomberg U.S. 1-3 Month Treasury Bill Index and 10% Bloomberg U.S. Corporate
Index§. This composite index provides a means to compare the Fund’s averageannual returns to a benchmark that is more representative of the investment
strategies pursued by the Fund.
Russell Investments portfolio manager(s)Albert Jalso, Senior Director, Head of U.S. Fixed Income, has primary responsibility
for the management of the Fund. Mr. Jalso has managed the Fund since March 2022.

*See the Fund’s Prospectus for additional information regarding this non-fundamental investment policy.
Not a Deposit. Not FDIC Insured. May Lose Value. Not Bank Guaranteed. Not Insured by any Federal Government Agency.
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Opportunistic Credit FundManagers and Strategies Summary Target Allocation of Fund Assets
The percentages below represent the target allocation of the Fund’s assets to each money manager’s strategy and Russell Investment Management, LLC’s (“RIM”) strategy.
RIM may change a Fund’s asset allocation at any time, including not allocating Fund assets to one or more money manager strategies.
FIRM NAMETARGET ALLOCATIONINVESTMENT FOCUS

ROLE

Barings LLC*

DETAILS OF FUND ROLE

23%

Barings leverages the firm’s broad and deep team ofresearch analysts with a bottom-up investment process
to seek companies with potential for rating upgrade,
defensible business positions and diversified revenue
streams.

U.S. andEuropeanhigh yieldbonds

Barings brings a global high yield strategy with a focus on the U.S.
and European high yield markets.

Marathon Asset Management, L.P.

14%

Marathon provides an emerging market benchmark
aware product that seeks to generate excess returns
through off-index credit selection.

Emerging
Market Bond

Marathon specializes in hard currency emerging market debt including
corporates, sovereigns and quasi-sovereign issues.

Voya Investment Management Co. LLC

19%

Blends detailed bottom-up quantitative analysis with topdown macro view to invest in securitized credit markets.

SecuritizedcreditVoya specializes largely in the floating rate securitized credit markets
with broad capabilities in both residential and commercial mortgages,
consumer asset-backed securities and collateralized loan obligations.

Russell Investment Management, LLC(RIM)**

44%

Directly manages multiple positioning strategies to seek
to tilt the Fund across a variety of dimensions including
credit, currency and interest rate factors.

Positioning
Strategies
and Cash
Reserves

RIM oversees all investment advisory services to the Fund andmanages assets not allocated to money managers. This includes theFund’s positioning strategy, which helps the Fund to achieve its desired
risk/return profile. RIM also manages the Fund’s liquidity reserve.

*Barings refers to Barings LLC and Baring International Investment Limited**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 that corresponds to the Fund’s benchmark exposures, but RIM may also reduce the Fund’s market exposure and/or utilize theFund’s liquidity reserve to manage overall Fund exposures.
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Opportunistic Credit Fund

Barings LLC*
Firm backgroundManager profile

Barings LLC (Barings) is a global financial
services firm that offers traditional andalternative asset class investment solutions.
They are a member of the MassMutual
Financial Group.

Barings was added to the Opportunistic Credit Fund in June 2017. Scott Roth and Sean Feeley lead the U.S. high yieldmandate, while Craig Abouchar leads the European high yield mandate for the strategy.

Headquarters: Charlotte, NC
Founded: 1940

Lead managers: Scott Roth, Sean Feeley
and Craig Abouchar____________________________________
Asset class: Fixed income
Number of holdings: 100-150

What this manager brings to the Fund
Barings brings a global high yield strategy with a focus on the U.S. and European high yield markets.
Investment process
Barings’ global high yield strategy leverages the firm’s broad and deep team of research analysts with a bottom-up
investment process to seek companies with potential for rating upgrade, defensible business models and diversified
revenue streams. Their investment process is driven by the team’s assessment of each individual issuer’s credit
fundamentals. The firm’s team of analysts builds models with 12-month forward outlooks on each company and takes
into consideration some factors that impact the broad economy, specific industries and companies. Scenario analysis is
an important component of the team’s due diligence and allows the portfolio managers to better understand downside
risks. Meeting with issuers’ management teams in person is a central part of Barings’ credit analysis and the firm’s deep
resources allow them to facilitate in-depth due diligence. In addition, the team analyzes leverage levels and free cash
flow generations to assess the company’s likeliness to pay back its debt.
Barings is also mindful of top-down risk that can come out of a bottom-up process, as well as the macro-opportunities
that sometimes present themselves in the high yield marketplace. Their portfolio management team meets regularly to
discuss the sector and regional risks within the strategy, and when they see value, or lack thereof, in one segment of themarket. They are willing to meaningfully rotate across sectors.
Russell Investments’ manager analysis
Russell Investments believes that Barings’ significant presence in the below-investment grade credit market,
particularly in leveraged loans, has assisted the firm in establishing a well-resourced credit team at a global
scale. Russell Investments believes that Barings’ cohesive, team-oriented approach, as well as theirrelatively small asset base are strengths relative to peers.
The strategy is expected to perform well in relatively calm markets and when markets are driven down by theperformance of the largest, most liquid issuers. Conversely, the strategy will tend to face headwinds whenthe most liquid issuers drive the market up and/or when lower rated credits underperform.

*Barings LLC refers to Barings LLC and Baring International
Investment Limited
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Opportunistic Credit Fund

Marathon Asset Management, L.P.
Firm backgroundManager profile

Marathon Asset Management (Marathon)
opportunistically invests in global corporate,
emerging markets and structured credit
markets for institutional clients. The firm ismajority owned by the Partners of the Firm.

Marathon Asset Management (Marathon) was added to the Opportunistic Credit Fund in 2022. Gabriel Szpigeil andDiego Gradowczyk are the lead portfolio managers for the mandate assigned to this Fund.

Headquarters: New York, NY
Founded: 1998

Lead manager: Gabriel “Gaby” Szpigeil,
Diego Gradowczyk____________________________________
Asset class: Fixed income
Number of holdings: 100-150

What this manager brings to the Fund
Marathon provides an actively managed beta strategy that mirrors the characteristics of the hard currency emerging
market debt index, while seeking to generate excess return.
Investment process
Marathon’s innovative portfolio construction combines close beta replication with mitigation of unwanted risks bymatching duration, country allocation, and average credit ratings.
The firm’s investment approach seeks to generate alpha through a few sources. Relative value opportunities arereviewed to ensure the portfolio is ideally positioned across index members viewed as “cheap” relative to peers. Bottomup credit selection contributes with positioning in both on- and off-index securities. Russell Investments believes that
Marathon’s comprehensive understanding of index technicals and market themes allow for optimal index arbitrage.
Finally, Marathon’s deep franchise and extensive capital market relationships is expected to enable optimal sourcing of
securities through the primary market.
Russell Investments’ manager analysis
Russell Investments sees Marathon’s extensive experience in fundamental research, focus on credit
dislocations and familiarity with the EMD indexing environment as strengths relative to peers.
Marathon’s Emerging Market Bond fund is an index aware product that is managed with a beta of close to 1.
Marathon’s excess returns are driven by the off-index securities and therefore, excess returns are expected
to be highly correlated to those off-index sectors.

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Opportunistic Credit FundVoya Investment Management Co. LLC
Firm backgroundManager profile

Voya Investment Management Co. LLC is theasset management business of Voya
Financial, a Fortune 500 company. Voyamanages assets across fixed income, seniorloans, equities, multi-asset strategies, private
equity and real assets.

Voya Investment Management Co. LLC (Voya) was added to the Opportunistic Credit Fund in September 2018. Dave
Goodson, who serves as Head of Securitized Fixed Income for Voya, is the lead manager for the securitized credit
strategy.
What this manager brings to the Fund

Headquarters: Atlanta, GA

Voya brings multi-sector securitized credit exposure to the Fund across commercial and residential mortgage-backed
securities, consumer asset-backed securities and collateralized loan obligations. Voya rotates among these sectors
based on where they see relative value to seek to generate excess return.

Founded: 1973 (predecessor firm)

Investment process

Lead manager: Dave Goodson

Voya takes a bottom-up approach to individual security selection within various sectors. This approach is overlaid withthe team’s macro views on value and cyclical dynamics in each sector to determine allocations across those sectors.
Within each sector, Voya employs detailed, proprietary quantitative analysis down to the loan or property level to assess
the risk within a given bond structure. Russell Investments believes that Voya’s detailed analysis of cashflows andrecovery potential combined with the team’s expertise in analyzing complex bond structures allows Voya to seek tobetter assess value for risk within various securities. This detailed approach also proves helpful in assessing value
across sectors as the team makes allocations among collateralized loan obligations (CLOs), commercial and residential
mortgage-backed securities, and consumer asset-backed securities.

____________________________________
Asset class: Fixed income
Number of holdings: 200

Russell Investments’ manager analysis
Russell Investments believes Voya has strong capabilities and talent across nearly all market segments ofthe securitized credit markets. Lead Portfolio Manager, Dave Goodson, is highly regarded by Russell
Investments as a securitized investor. He leads a deep and experienced team of securitized investors.
Russell Investments views the resources on Voya’s securitized team to be robust and differentiating. Voya is
expected to rotate among market segments to seek to generate excess return through relative value rotation.

Generally, the strategy is expected to perform well in periods when securitized credit assets perform well, but
the strategy should be somewhat less volatile compared to high yield credit with a similar return expectation
over time. Conversely, the strategy will tend to face headwinds when securitized credit markets struggle orwhen the market is excessively penalizing less liquid securities.

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Opportunistic Credit Fund

Russell Investment Management, LLC
Firm background

RIM oversees all investment advisory services to the Fund and manages assets not allocated to managers.

Russell Investment Management, LLC (RIM)
is the advisor to Russell Investment
Company (RIC) Funds. Russell Investments’ownership is composed of a majority stake
held by funds managed by TA Associates
Management, L.P. with minority stakes held
by funds managed by Reverence CapitalPartners, L.P., certain of Russell Investments’
employees, and Hamilton Lane Advisors,
LLC. Russell Investments provides asset
management and investment services toinstitutional and individual investors aroundthe world.

Manager and strategy oversight

Headquarters: Seattle, WA
Founded: 1936____________________________________POSITIONING STRATEGIES & CASH
RESERVES

RIM’s portfolio managers seek to ensure that Fund outcomes are consistent with Fund objectives. The portfolio manager
and analysts track the effectiveness of every money manager and strategy in the Fund. Occasionally, adjustments may
be necessary due to reasons such as a change in control at a money manager, the opportunity to select anothermanager or strategy the portfolio manager believes offers an investment proposition that would help improve the fund, orchanges in market dynamics.

Any significant Fund changes must be validated through an internal governance process to ensure all key considerations
were addressed by the portfolio manager. Money manager changes are also subject to approval by the Fund’s Board ofTrustees.
Investment management
RIM manages a portion of the fund’s assets internally to seek to precisely manage the fund’s exposures and achieve thedesired risk/return profile for the fund. During the portfolio construction and management process, portfolio managers
may identify an investment need and seek to address that need with a positioning strategy.
Positioning strategies are customized portfolios directly managed for use within the total portfolio. Portfolio managers use
positioning strategies, including tactical tilts, to seek excess return and manage portfolio risks by targeting specificexposures. These strategies are used in conjunction with allocations to third-party active managers to reflect Russell
Investments’ strategic and dynamic insights with integrated liquidity and risk management.

Asset class: Fixed income

RIM employs multiple positioning strategies within the Fund to seek to tilt the Fund across a variety of dimensions
including credit, currency and interest rate factors. Positioning strategies may change at any time as market conditions
and needs of the fund change.

Number of holdings: 150-400

Managing the liquidity reserve
Every RIC mutual fund maintains cash reserves, which is cash awaiting investment or held to meet redemption requests
or to pay expenses. This Fund typically exposes all or a portion of its cash to the performance of appropriate markets bypurchasing equity securities and/or derivatives (also known as “equitization”), which typically includes index futurescontracts. The Fund invests any remaining cash in an unregistered cash management fund advised by RIM.

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For more information on Russell Investment Company Funds, contact
your investment professional or plan administrator for assistance.

IMPORTANT RISK DISCLOSURES
Mutual Fund investing involves risks, principal loss is possible.
Money managers listed are current as of April 19, 2024. Subject to the Fund's Board approval, Russell Investments 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.
The Fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the Fund’s losses to be greater than if it invests only in conventional securities and can cause the Fund to be more volatile. Derivatives involverisks different from, or possibly greater than, the risks associated with other investments. The Fund’s use of derivatives may cause the Fund’s investment returns to be impacted by the performance of securities the Fund does not own and result in the Fund’s total
investment exposure exceeding the value of its portfolio.
The Fund may also invest in foreign securities, which may be more volatile than investments in U.S. securities and will be subject to fluctuation and sudden economic and political developments. The Fund may also invest in non-investment grade fixed-income
securities, which involve higher volatility and higher risk of default than investment grade bonds.
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 of portfolio structuring, attempting to reduce risk
and increase return could, at certain times, unintentionally reduce returns.

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 aprospectus carefully before investing.
Manager role definitions:High Yield Bonds (U.S. and European) – Bonds that are ranked lower by ratings agencies because they have a relatively higher chance of default and therefore generally offer a higher yield in return for the higher volatility and higher risk of default thaninvestment grade bonds.
Bank Loans – corporate debt instruments that are typically higher in the capital structure than bonds and are issued with floating interest rates.
Emerging Market Corporate Debt – Emerging market debt (EMD) includes obligations of corporations in countries with emerging markets.
U.S. Dollar emerging markets sovereign debt – Emerging market debt issued by sovereign issuers (governments) in U.S. dollar denominations.
Securitized credit – Includes commercial and residential mortgage-backed securities, consumer asset-backed securities and collateralized loan obligations.
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.
The Fund may enter into swap agreements. Certain swaps may be subject to fees and expenses and by investing in such swaps indirectly through the Fund, a shareholder will bear the expenses of the swap in addition to the expenses of the Fund.
§Indexes are unmanaged and cannot be invested in directly. The benchmark shown represents the Fund's performance benchmark, which may be different from the Fund's regulatory benchmark included in the Fund's Prospectus and Annual Reports.

•

The ICE BofA Developed Markets High Yield Constrained Index (USD Hedged) tracks the performance of below investment grade corporate debt of issuers domiciled in developed markets countries.

•

The J.P. Morgan EMBI Global Diversified Index tracks liquid, US Dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities.

•

The Bloomberg 1–3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than three months.

•

The Bloomberg U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more.

Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets.
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 Capital Partners, L.P. Certain of Russell Investments' employees
and Hamilton Lane Advisors, LLC also hold minority, 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 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.
Securities products and services offered through Russell Investments Financial Services, LLC member FINRA, part of Russell Investments.
Copyright © 2024 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.
Date of First Use: January 2019. Revised: April 2024.
RIFIS-25696 (Exp. 01/25)
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